2024 Audit Report NORTH COLLIER FIRE CONTROL
AND RESCUE DISTRICT
BASIC FINANCIAL STATEMENTS
TOGETHER WITH ADDITIONAL REPORTS
YEAR ENDED
SEPTEMBER 30, 2024
TABLE OF CONTENTS
Page(s)
INDEPENDENT AUDITOR'S REPORT ………………………………………………………1-4
MANAGEMENT'S DISCUSSION AND ANALYSIS (MD&A) ………………………………i-x
BASIC FINANCIAL STATEMENTS
GOVERNMENT-WIDE FINANCIAL STATEMENTS:
Statement of Net Position……………………………………………………………………… 5
Statement of Activities………………………………………………………………………… 6
FUND FINANCIAL STATEMENTS:
Governmental Funds:
Balance Sheet………………………………………………………………………………… 7
Reconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net Position………………………………………………………………8
Statement of Revenues, Expenditures and Changes
in Fund Balance………….……………………………………………………………………9
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balance of Governmental Funds to the Statement of Activities……………………10
Fiduciary Fund - Firefighters' Pension Plan:
Statement of Fiduciary Net Position……………………………………………………………11
Statement of Changes in Fiduciary Net Position………………………………………………12
NOTES TO THE FINANCIAL STATEMENTS……………….…………………………………13-83
OTHER INFORMATION
COMBINING FINANCIAL STATEMENTS BY SERVICE DELIVERY AREA
Governmental Funds
Combining Balance Sheet - General Fund - by Service Delivery Area………………………84
Combining Statement of Revenues, Expenditures, and Changes in Fund Balance -
General Fund - by Service Delivery Area……………………………………………...……85
REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN MD&A
NORTH NAPLES SERVICE DELIVERY AREA (SDA)
BUDGET TO ACTUAL COMPARISON - MAJOR FUNDS (General and Special Revenue Funds)
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual -
General Fund - Summary Statement……………………………………………………………86
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual -
General Fund - Detailed Statement……………………………………………………………87-89
BIG CORKSCREW ISLAND SERVICE DELIVERY AREA (SDA)
BUDGET TO ACTUAL COMPARISON - MAJOR FUNDS (General and Special Revenue Funds)
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual -
General Fund - Summary Statement……………………………………………………………90
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual -
General Fund - Detailed Statement……………………………………………………………91-93
TABLE OF CONTENTS (CONTINUED)
Page(s)
COMBINED SERVICE DELIVERY AREAS
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual -
Impact Fee Fund - Combined Service Delivery Areas Summary Statement………………… 94
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual -
Impact Fee Fund - Combined Service Delivery Areas Detailed Statement 95
BUDGET TO ACTUAL COMPARISON - OTHER NON-MAJOR GOVERNMENTAL FUND
Special Revenue Fund:
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual -
Inspection Fee Fund - Summary Statement…………………………………………………96
Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual -
Inspection Fee Fund - Detailed Statement………………………………………………… 97-98
OTHER REQUIRED SUPPLEMENTARY INFORMATION
Schedule of District's Proportionate Share of the Net Pension Liability - Florida Retirement
System Pension Plan (FRS)………………………………………………………………… 99
Schedule of District Contributions - Florida Retirement System Pension Plan (FRS)…………99
Schedule of District's Proportionate Share of the Net Pension Liability - Health Insurance
Subsidy Pension Plan (HIS)………………………………………………………………… 100
Schedule of District Contributions - Health Insurance Subsidy Pension Plan (HIS)……………100
Notes to the Required Supplementary Information - FRS/HIS…………………………………101-102
Schedule of Changes in the Net OPEB Liability and Related Ratios, GASB No. 75 and
Related Notes to the Schedule……………………………………………………………… 103
Schedule of Changes in the District's Net Pension Liability and Related Ratios (unaudited) -
Firefighters' Pension Trust Fund………………………………………………………………104
Schedule of District Contributions - Firefighters' Pension Trust Fund…………………………105
Schedule of Investment Returns - (Unaudited) Firefighters' Pension Trust Fund………………106
Notes to the Required Supplementary Information - Firefighters' Pension Trust Fund…………107
ADDITIONAL REPORTS
Independent Auditor's Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Basic Financial Statements
Performed in Accordance with Government Auditing Standards…………………………………108-109
Independent Accountant's Report on Compliance with Section 218.415, Florida
Statutes………………………………………………………………………………….……… 110
Independent Auditor's Report to Management……………………………………………………111-113
Management's Response to Independent Auditor's Report to Management………………………Exhibit 1
Florida Rules of the Auditor General - Rule 10.554(1)(i)6-8 Compliance - Unaudited……………Exhibit 2
HSC/Tuscan
& Company, PA
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
INTEGRITY ....... SERVICE ............. EXPERIENCE
1470 Royal Palm Square Blvd.• Fort Myers, FL 33919-1049
Phone: (239) 939-2233 • Fax: (239) 939-0554 • www.hsctuscan.com
INDEPENDENT AUDITOR'S REPORT
Board of Commissioners
North Collier Fire Control and Rescue District
1885 Veterans Park Drive
Naples, Florida 34109-0492
Opinions
We have audited the accompanying financial statements of the governmental activities, each major fund, the non-major fund
and the fiduciary fund type of North Collier Fire Control and Rescue District (the "District") as of and for the year ended
September 30, 2024, and the related notes to the financial statements, which collectively comprise the District's basic
financial statements as listed in the table of contents.
Summary of Opinions
Opinion Unit Type of Opinion
Governmental Activities Unmodified
General Fund Unmodified
Impact Fee Fund Unmodified
Inspection Fee Fund Unmodified
Firefighters' Pension Trust Fund Unmodified
In our opinion, based on the results of our audit and the report of other auditors, the financial statements referred to above
present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, the
non-major fund and the fiduciary fund type of North Collier Fire Control and Rescue District as of September 30, 2024, and the
respective changes in financial position, for the year then ended in accordance with accounting principles generally accepted in
the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the District and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
We did not audit the financial statements of North Collier Fire Control and Rescue District Firefighters' Pension Trust Fund
("Fiduciary Fund - Pension Fund") as of and for the year ended September 30, 2024, which represent 100% of the assets,
liabilities and net position as well as 100% of the revenue and expenses of the District's Fiduciary Fund. Those financial
statements were audited by other auditors whose report thereon has been furnished to us, and our opinion, insofar as it
relates to the amounts included for North Collier Fire Control and Rescue District Firefighters' Pension Trust Fund, is based
on the report of the other auditors. We also did not audit the financial statements of the Florida Retirement System Pension
Board of Commissioners
North Collier Fire Control and Rescue District
Page 2
Plan (FRS) or Health Insurance Subsidy Pension Plan (HIS) as of and for the year ended June 30, 2024. The District is
required to record its proportionate share of the FRS and HIS liability in the District's government-wide financial statements
as of September 30, 2024, and for the year then ended. The Florida Retirement System financial statements were audited by
other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for the
District's government-wide financial statements, are based on the reports of the other auditors.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
accounting principles generally accepted in the United States of America; this includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in
the aggregate, that raise substantial doubt about the District's ability to continue as a going concern for twelve months beyond
the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor's Responsibilities for the Audit of Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable
assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in
accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered
material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a
reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and
design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis,
evidence regarding the amounts and disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District's internal
control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial
doubt about the District's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's discussion and
analysis on pages i-x, Schedule of the District's Proportionate Share of the Net Pension Liability - Florida Retirement System
Board of Commissioners
North Collier Fire Control and Rescue District
Page 3
Pension Plan (FRS), Schedule of District Contributions - Florida Retirement System Pension Plan (FRS), Schedule of the
District's Proportionate Share of the Net Pension Liability - Health Insurance Subsidy Pension Plan (HIS), Schedule of
District Contributions - Health Insurance Subsidy Pension Plan (HIS), Notes to the Required Supplementary Information and
Schedule of Changes in the Net OPEB Liability and Related Ratios GASB No. 75 and Related Notes to the Schedule,
Schedule of Changes in the District's Net Pension Liability and Related Ratios (unaudited) - Firefighters' Pension Trust Fund,
Schedule of District Contributions - Firefighters' Pension Trust Fund, Schedule of Investment Returns - (Unaudited)
Firefighters' Pension Trust Fund and Notes to the Required Supplementary Information - Firefighters' Pension Trust Fund as
listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a
part of the basic financial statements, is required by the Governmental Accounting Standards Board which considers it to be
an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or
historical context. We have applied certain limited procedures to the required supplementary information - management's
discussion and analysis (MD&A), Schedule of the District's Proportionate Share of the Net Pension Liability - Florida
Retirement System Pension Plan (FRS), Schedule of District Contributions - Florida Retirement System Pension Plan (FRS),
Schedule of the District's Proportionate Share of the Net Pension Liability - Health Insurance Subsidy Pension Plan (HIS),
Schedule of District Contributions - Health Insurance Subsidy Pension Plan (HIS), Notes to the Required Supplementary
Information and Schedule of Changes in the Net OPEB Liability and Related Ratios GASB No. 75 and Related Notes to the
Schedule, Schedule of Changes in the District's Net Pension Liability and Related Ratios (unaudited) - Firefighters' Pension
Trust Fund, Schedule of District Contributions - Firefighters' Pension Trust Fund, Schedule of Investment Returns -
(Unaudited) Firefighters' Pension Trust Fund and Notes to the Required Supplementary Information - Firefighters' Pension
Trust Fund as listed in the table of contents, in accordance with auditing standards generally accepted in the United States of
America, which consisted of inquiries of management about the methods of preparing the information and comparing the
information for consistency with management's responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any
assurance on the required supplementary information - management's discussion and analysis (MD&A), Schedule of the
District's Proportionate Share of the Net Pension Liability - Florida Retirement System Pension Plan (FRS), Schedule of
District Contributions - Florida Retirement System Pension Plan (FRS), Schedule of the District's Proportionate Share of the
Net Pension Liability - Health Insurance Subsidy Pension Plan (HIS), Schedule of District Contributions - Health Insurance
Subsidy Pension Plan (HIS), Notes to the Required Supplementary Information and Schedule of Changes in the Net OPEB
Liability and Related Ratios GASB No. 75 and Related Notes to the Schedule, Schedule of Changes in the District's Net
Pension Liability and Related Ratios (unaudited) - Firefighters' Pension Trust Fund, Schedule of District Contributions -
Firefighters' Pension Trust Fund, Schedule of Investment Returns - (Unaudited) Firefighters' Pension Trust Fund and Notes to
the Required Supplementary Information - Firefighters' Pension Trust Fund as listed in the table of contents, because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Required Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise North
Collier Fire Control and Rescue District's basic financial statements. The required supplementary information other than
MD&A - budgetary comparison information is presented for purposes of additional analysis and is not a required part of the
basic financial statements. The required supplementary information other than MD&A budgetary comparison information is
the responsibility of management and was derived from and relates directly to the underlying accounting and other records
used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial
statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United
States of America. In our opinion, the required supplementary information other than MD&A - budgetary comparison
information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the
District's basic financial statements. The combining financial statements as listed in the table of contents, are presented for
purposes of additional analysis and are not a required part of the basic financial statements.
Board of Commissioners
North Collier Fire Control and Rescue District
Page 4
The combining financial statements are the responsibitity of management and were derived fiom and relate directly to the
underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected
to the auditing procedures applied in the audit olthe basic financial statements and certain additional procedures. including
comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselvcs, and other additional procedures in accordance with
auditing standards generally accepted in the United States of America. In our opinion. the combining financial statements are
fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the
District's basic financial statements. ]'he Exhibit 1 - Management's Response to Independent Auditor's Report to Management
and Exhibit 2 - Florida Rules of the Auditor General - Rule 10.554(lXi)6-8 Compliance - Unaudited are not a required part of
the basic financial statements but are required by Government Auditing Standards and Rules of the Auditor General. Section
10.554(i). respectively. Such information has not been subjected to the auditing procedures applied in the audit ofthe basic
financial statements and. accordingly. we do not express an opinion or provide assurance on it.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider
rvhether a material inconsistency exists between the other information and the basic financial statements. or the other
inlbrmation otherwise appears to be materially misstated. If, based on the rvork performed, we concludc that an uncorrected
material misstatement of the other information exists. we are required to describe it in our report.
Other Reporting Required by Section 218.415, Florida Ststutes
In accordance with Section 218.415. Ftorida Statutes, we have also issued a report dated May 15,2025. on our consideration
of No(h Collier Fire Control and Rescue District's compliance with provisions of Section 218.415. Florida Statutes. The
purpose ofthat repo( is to describe the scope ofour testing ofcompliance and the results ofthat testing, and to provide an
opinion on compliance with the aforementioned Statute. 'lhat report is an integral part of an audit performed in accordance
with Sections 218.39 and 218.415, Florida Statutes in considering North Collier Fire Control and Rescue District's compliance
with Section 21 8.41 5. Florida Statutes.
Other Reporting Required by Government Auditins Standards
In accordance with Government Auditing Standards, we have also issued our report dated May 15,2025, on our consideration
of the District's internal control over financial reporting and on our tests ol its compliance with certain provisions of laws.
regulations. contract and grant agreements and other matters. The purpose ofthat report is to describe the scope ofour
testing ofinternal control over financial reporting and compliancc and the results ofthat testing, and not to provide an opinion
on internal control over financial reporting or on compliance. That reporl is an integral part ofan audit performed in
accordance with Government Auditing Standards in considering North Collier Fire Control and Rescue District's internal
control over financial reporting and compliance.
t/s 4 )e
HSC/TUSCAN & COMPANY. P.A.
Fort Myers. Florida
May 15,2025
/*/?I t)
MANAGEMENT'S DISCUSSION
AND ANALYSIS
(MD&A)
BRV 5/2/2025 i
Management’s Discussion and Analysis
of Financial Statements FYE September 30, 2024
This Discussion and Analysis of the North Collier Fire Control & Rescue District’s (“The
District”) basic financial statements is provided to assist the reader in understanding the
District’s financial activities and significant changes in ending financial position for the
fiscal year ended September 30, 2024. These statements include the requirements of
GASB Statements #34, #68, #75, #87 and #96 and incorporate those annual reporting
requirements, as well as the financial statement format and presentation.
Contained within are the basic financial statements, consisting of the government-wide
financial statements, governmental fund and fiduciary fund financial statements and
related notes to the financial statements. This Discussion and Analysis will also provide
an analytical overview of these statements, including comparisons of the District’s
financial position at September 30, 2024 versus September 30, 2023.
District Highlights
1. At the conclusion of fiscal year 2024, the District’s assets exceeded its liabilities,
resulting in net assets of $48,931,813 as compared to net assets at September 30,
2023 of $36,475,574.
2. At the conclusion of fiscal year 2023, the District’s assets exceeded its liabilities,
resulting in net assets of $36,475,574 as compared to net assets at September 30,
2022 of $3,197,090.
3. The District had $14,994,914 in unrestricted net assets at September 30, 2024 as
compared to $4,810,589 in unrestricted net assets at September 30, 2023. The
amount of unrestricted net assets increased by $10,184,325.
4. The District had $4,810,589 in unrestricted net assets at September 30, 2023 as
compared to ($27,219,161) deficit of unrestricted net assets at September 30, 2022.
The amount of unrestricted net assets increased by $32,029,750.
5. Total revenues on the government-wide basis increased $7,802,291 or 13 percent, in
comparison to the prior year.
6. Total expenses on the government-wide basis increased by $28,624,536 or 113
percent, in comparison to the prior year.
Government-wide Financial Statements
Government-wide financial statements (Statement of Net Position and Statement of
Activities found on pages 5 and 6) are intended to allow a reader to assess a
government’s operational accountability. Operational accountability is defined as the
extent to which the government has met its operating objectives efficiently and
effectively, using all resources available for that purpose, and whether it can continue to
meet its objectives for the foreseeable future. Government-wide financial statements
concentrate on the District as a whole and do not emphasize fund types.
The Statement of Net Position (page 5) presents information on all of the District’s assets
and liabilities, with the difference between the two reported as net assets. The District’s
capital assets are included in this statement and reported net of their accumulated
depreciation.
The Statement of Activities (page 6) presents revenue and expense information showing
how the District’s net assets changed during the fiscal year. Both statements are
BRV 5/2/2025 ii
measured and reported using the economic resource measurement focus (revenues and
expenses) and the accrual basis of accounting (revenue recognized when earned and
expense recognized when incurred).
Governmental Fund Financial Statements
The accounts of the District are organized on the basis of governmental funds, each of
which is considered a separate accounting entity. The operations of each fund are
accounted for with a separate set of self-balancing accounts that comprise its assets,
liabilities, fund equity or retained earnings, revenues and expenditures. Government
resources are allocated to and accounted for in individual funds based upon the purpose
for which they are to be spent and the means by which spending activities are controlled.
Governmental fund financial statements (found on pages 7 and 9) are prepared on the
modified accrual basis using the current financial resources measurement focus. Under
the modified accrual basis of accounting, revenues are recognized when they become
measurable and available as net current assets.
Fiduciary Fund
The fiduciary fund is used to account for resources held for the benefit of retired
employees that participated in the District’s Firefighters’ Pension Plan (Plan 2). The
fiduciary funds are not reflected in the government-wide financial statements because the
resources of this fund are not available to support the District’s programs. The
accounting used for the fiduciary fund is much like that used for governmental
proprietary funds. The fiduciary fund financial statements can be found on pages 11 and
12.
Notes to the Financial Statements
The notes to the financial statements explain in detail some of the data contained in the
preceding statements and begin on page 13. These notes are essential to a full
understanding of the data provided in the government-wide and fund financial statements.
Government-Wide Financial Analysis
The government-wide financial statements are designed so that the user can determine if
the District’s financial condition is better or worse than the prior year.
BRV 5/2/2025 iii
The following is a Condensed Summary Statement of Net Position for the District
(Primary Government) at September 30, 2023 and 2024:
Summary Statement of Net Position
September 30
Assets: 2023 2024
Current and Other Assets $39,384,852 $46,798,948
Non Current Assets 37,335,660 37,389,884
Total Assets 76,720,512 84,188,832
Deferred Outflows - Pensions 32,922,169 30,468,012
Liabilities:
Current Liabilities 11,408,269 13,809,463
Non-Current Liabilities 52,018,916 42,715,956
Total Liabilities 63,427,185 56,525,419
Net Position:
Deferred Inflows - Pensions 9,739,922 9,199,612
Net Investment in Capital Assets 30,573,724 32,000,303
Restricted 1,091,261 1,936,596
Unrestricted (deficit) 4,810,589 14,994,914
Total Net Position $36,475,574 $48,931,813
Current and other assets represent 51 percent of total assets at September 30, 2023, as
compared to 56 percent of total assets at September 30, 2024. Current assets at September
30, 2024 are comprised of unrestricted cash balances of $4,914,805, restricted cash of
$3,025,595, investments of $35,652,427, due from other governments of $1,103,856 other
receivables of $112,443, operating lease receivable of $182,584, right of use – subscription
asset of $210,016, and other assets of $1,596,952. The balances of unrestricted cash
represent amounts that are available for spending at the discretion of the Board of Fire
Commissioners of the District. Restricted cash balances are comprised of the impact fee
funds restricted for the purchase of capital assets, and unspent inspections fee revenue
restricted to support the inspection of new construction.
Current assets at September 30, 2023 are comprised of unrestricted cash balances of
$4,659,344, restricted cash of $1,538,065, investments of $29,372,745, due from other
governments of $2,112,196, other receivables of $92,137, operating lease receivable of
$49,518, right of use – subscription asset of $164,009 and other assets of $1,396,838.
The net investment in capital assets represent 84 percent of net assets at September 30,
2023, as compared to 65 percent at September 30, 2024. These assets are comprised of
land, buildings, improvements, equipment, furniture, and vehicles, net of accumulated
depreciation, and the outstanding related debt used to purchase the assets. The assigned
fund balance of $30,309,436 represents resources available for spending at September 30,
2024. The District currently has $0 fund balance unassigned by the Board.
BRV 5/2/2025 iv
Summary of Revenues, Expenses and Changes in Net Assets
For the Years Ended September 30, 2023 and September 30, 2024
Revenues: 2023 2024
General Revenues
Ad Valorem Taxes $52,667,165 $59,315,452
Program Revenues
Grants 1,260,143 354,012
Charges for Services 2,930,216 3,710,603
Miscellaneous
Impact Fees 0 0
Investment Earnings 1,907,513 2,411,753
Gain (Loss) on Disposition of
Capital Assets 3,153 264,225
Other (235,246) 279,190
Total Revenues 58,532,944 66,335,235
Expenses:
Public Safety–Fire/ Rescue Service 25,254,460 53,878,996
Increase (Decrease) in Net Position 33,278,484 12,456,239
Net Position-Beginning of Year 3,197,090 36,475,574
Net Position-End of Year $36,475,574 $48,931,813
BRV 5/2/2025 v
The assessed value of the property within the North Naples Service Delivery Area
increased 11.5 percent for the 2023-2024 fiscal year as compared to the prior year’s
assessed value while maintaining the millage rate of 1.000 mils, resulting in an increase
in Ad Valorem tax revenues of $4,593,615. The property values in the North Naples
Service Delivery Area decreased by 25 percent during the fiscal years 2007-2012,
resulting in a decrease in Ad Valorem revenue. However, property values have since
increased between 2012 and 2024 and have now exceeded the previous high point in
value in 2008.
The Board adopted a millage rate of 1.000 mils in the North Naples Service Delivery
Area taxing unit, or $1.00 for every $1,000 of taxable property value. This millage rate
was 10.52 percent more than the rolled back rate (the taxing rate necessary to generate
the same Ad Valorem revenue as was generated during the 2022-2023 fiscal year) of
0.9048.
The assessed value of the property within the Big Corkscrew Island Service Delivery
Area increased 19.5 percent for the 2023-2024 fiscal year as compared to the prior year’s
assessed value, resulting in an increase in Ad Valorem tax revenues of $2,054,672. The
property values in the Big Corkscrew Island Service Delivery Area decreased by 66
percent during the fiscal years 2007-2012, resulting in a decrease in Ad Valorem revenue.
Property values have since increased between 2012 and 2024. Through 2022, property
value in the Big Corkscrew Island Service Delivery Area was still lower overall than it
was in 2007. However, during fiscal year (2022-2023), the property value in the Big
Corkscrew Island Service Delivery Area eclipsed previous high in 2007. The 2023-2024
value was 33.3% higher than the value in 2007.
The Board adopted a millage rate of 3.75 mils in the Big Corkscrew Island Service
Delivery Area taxing unit, or $3.75 for every $1,000 of taxable property value. This
millage rate was 10.68 percent more than the rolled back rate (the taxing rate necessary to
generate the same Ad Valorem revenue as was generated during the 2022-2023 fiscal
year) of 3.3881.
Prior to the 2007-2008 fiscal year, the increase in Ad Valorem revenue resulting from the
increase in property value was sufficient to provide adequate funds to support
operational, capital and reserve financial requirements in the District without increasing
the millage rate. Subsequently and with both service delivery areas being funded at their
respective millage rates, the District has been able to fund the majority of capital
purchases without utilizing reserves. However, this does not include anticipated future
construction costs, which will need to be paid for in part using reserves.
The following chart identifies the change in appraised property values in the District by
service delivery area and the millage rate maintained by the District.
BRV 5/2/2025 vi
Fund Balance – Governmental Fund Financial Statements
The Board of Fire Commissioners’ directive is to utilize the fund balance and cash
reserves of the General Fund to fund capital purchases and improvements, declared
emergency situations, and to maintain the District’s financial position. At September 30,
2024, the District had General Fund reserves totaling $31,906,388. This includes the
nonspendable amount of $1,596,952 restricted for prepaid expenses, and $30,309,436 for
assigned reserves.
Assigned reserves have been established and maintained in accordance with anticipated
future needs of the District, including operating expenses for the first quarter of the fiscal
year prior to the receipt of Ad Valorem revenue, expenditures associated with declared
emergencies, and the replacement of capital assets. Additionally, increases in health
insurance, and other personnel and operating expenses that require funds to be set aside,
or assigned, to prepare for the funding of future expenditures. The following General
Fund Assigned Reserves were approved for the fiscal year ended September 30, 2024:
Nonspendable Fund Balance Amount .
General Fund Prepaid Expenses $ 1,596,952
Assigned Fund Balance Amount .
Operating Reserve – 1st Quarter (Oct-Dec) $ 15,662,997
Emergency Reserve 1,423,183
Health Insurance Claim Reserve 1,173,256
Medical Services Reserve 2,000,000
Station / Growth Management Reserve 4,000,000
Fleet Reserve 5,350,000
Station Improvement Reserve 700,000
Total Assigned Reserves $ 30,309,436
Unassigned Fund Balance Amount .
General Fund – Unassigned $ 0
Total General Fund Reserves $31,906,388
Impact Fees
With the creation of the North Collier Fire Control and Rescue District in January 2015,
an impact fee study was performed to establish impact fee rates for the new District.
However, that study was not completed and new rates were not adopted until October 1,
2016. Prior year impact fee assessments were based on a structure’s square footage. The
new rate structure bases fees on structure usage classifications and the methodology
utilizes population rather than emergency call volume. These rates using the population-
based methodology were updated annually prior to October 1st of each year. However,
BRV 5/2/2025 vii
the impact of the change in methodology overall resulted in a decrease in impact fee
receipts. Total annual impact fee receipts decreased 66 percent from fiscal year 2015-
2016 to 2019-2020 (from $2,674,309 to $911,074). At the September 24, 2020 Board of
Fire Commissioners meeting, the District approved a new impact fee rate structure
methodology based on an incident-based approach for the demand component rather than
a population-based approach per the impact fee study produced on August 24, 2020.
These new rates per the new rate structure became effective January 1, 2021 via
Resolution 20-022. Total Impact Fee Fund expenses for the 23-24 fiscal year were
$17,268, consisting of Collier County collection fees. For the year ended September 30,
2024, impact fee receipts were $1,051,135 which was $277,012 (or 36%) more than the
prior year. For the year ended September 30, 2023, impact fee receipts were $774,123,
which was $6,270 less than the previous year. This is primarily attributable to the timing
of impact-fee eligible projects being paid to the District versus the change in fee
structure. The District still anticipates overall impact fee receipts to increase over the
next few years.
Inspection Fees
The District collected inspection fees of $2,890,032 for the year ended September 30,
2024. Inspection fee revenue for the year ended September 30, 2023 was $2,320,169
representing an increase of $569,863 or 24.6% as compared to inspection fee revenue in
the prior fiscal year (2023). In June of 2014, the District terminated its Interlocal
Agreement with the Fire Code Official’s office to provide fire plan review services and
assumed the responsibility for those plan reviews. As a result, $1,460,005 (or 50.5%) of
the fund’s revenue was attributable to plan review fees. The Inspection Fee Fund had
sufficient revenue in the 2023-2024 fiscal year to support all functions associated with
new construction inspections and plan reviews and had excess revenues over
expenditures by $845,335 during the fiscal year. This increase is primarily attributable to
growth momentum in commercial, multi-family construction and similar developments
coming into our District. The timing and driver of this growth is also attributable to the
COVID pandemic. Many companies and families relocated to southwest Florida, and
especially Collier County. There were various construction delays, material and supply-
chain constraints during the 2019-2020 fiscal year, which resulted in many of the projects
being implemented in the subsequent years. Overall, the Board continues to monitor the
volume of new construction projects and the fees necessary to support the associated
costs of this growth.
Budgetary Highlights
Budget versus actual comparisons are reported in the required supplementary information
other than management’s discussion and analysis on pages 86 through 98 and are
reflected by taxing subunit (service delivery area).
The amendments to General Fund revenue were necessary to reflect an increase to adjust
the current year carryforward to the prior audited balance by net $1,851,399.
Capital Assets
Non-depreciable capital assets include land and construction in progress. Depreciable
assets include buildings, improvements other than buildings, equipment, furniture and
vehicles.
BRV 5/2/2025 viii
The following is a schedule of the District’s capital assets as of September 30, 2023 and
2024.
Capital Assets
September 30
Capital Assets 2023 2024
Land $12,823,117 $13,034,473
Construction in Progress 2,489,198 2,527,300
Total Capital Assets not Depreciated 15,312,315 15,561,773
Assets Held Under Capital Lease 5,265,867 5,265,867
Buildings 23,133,253 23,161,704
Office Equipment 1,411,628 1,559,526
Vehicles 10,348,068 11,489,633
Equipment & Machinery 3,601,062 3,799,729
Total Capital Assets Being Depreciated 43,759,878 45,276,459
Accumulated Depreciation
Assets Held Under Capital Lease (2,998,915) (3,603,914)
Buildings (11,662,156) (12,535,772)
Office Equipment (1,174,768) (1,231,945)
Vehicles (7,476,175) (7,064,939)
Equipment & Machinery (2,262,913) (2,362,394)
Total Accumulated Depreciation (25,574,927) (26,798,964)
Total Capital Assets being Depreciated,
Net 18,184,951 18,477,495
Capital Assets – Net of Depreciation 33,497,266 34,039,268
Less: Capital Lease/Note Payables (2,923,542) (2,038,965)
Net Assets Invested in Capital Assets
Net of Related Debt $30,573,724 $32,000,303
Significant capital asset purchases made during the fiscal year ended September 30, 2024
include:
1. Land purchase totaling $1,569,546, which was actually a “land swap” of the
District’s Sun Century property for a portion of 14492 Cocohatchee Rd (future
site of Station 49).
2. Building improvements (General Fund) totaling $124,229. Additionally, the
District paid $60,000 (Construction in Progress) towards the construction of a
new dock for Boat 41 which was damaged by the recent hurricane.
3. Vehicles (non-capital lease) totaling $2,162,592 including one (1) golf cart, (1)
FireVent mobile unit, one (1) boat trailer, one (1) refurbished pumper, two (2)
ambulance/squad units, one (1) water tender truck, one (1) cargo truck and one (1)
bunkhouse trailer.
BRV 5/2/2025 ix
4. Fire and Rescue Equipment totaling approximately $406,044 including extrication
equipment, chest compressor units, radios, drones, power stretchers, “special
teams” equipment (HazMat and TRT), ultrasound equipment, etc.
5. Furniture, Fixtures and Equipment totaling approximately $163,923 including
bunker gear washers and bunker gear dryers, two (2) embroidery machines, and a
backup server.
For additional information on the District’s capital assets, see Note F on pages 40 and 41.
Debt Administration
As of September 30, 2024, the District had long term obligations of $42,527,418, as
compared to $51,653,138 at September 30, 2023, a decrease of ($9,125,720) or (17.7)
percent. The decrease is combination of increases totaling $2,331,620 and
decreases/adjustments totaling ($11,457,340). The increases are due to the increase in
the net OPEB obligation $2,133,002, and an increase in compensated absences totaling
$198,618. The decreases/adjustments totaling $11,457,340 were due to decreases in the
net Pension Liability (Firefighter Pension Trust) of $9,522,646, decreases in the net
Pension Liability of HIS or Health Insurance Subsidies (Firefighter Pension Trust) of
$240,417 and FRS (Florida Retirement System) totaling $809,700, and capital lease
payments totaling $884,577. That debt consists of:
1. Compensated absences (accrued vacation liability) in the amount of $3,215,460,
as compared to $3,016,842 at September 30, 2023.
2. Net OPEB obligation of $13,498,912 as compared to $11,365,910 at September
30, 2023, representing post-employment health insurance obligations pursuant to
GASB No. 75.
3. Capital lease for fire apparatus, radio equipment, staff vehicles and heart monitor
equipment identified above in the total amount of $2,038,965. This includes the
lease to purchase agreement for the three fire engines and one ladder truck was
entered into on January 15, 2016, the lease to purchase agreement for video
conference equipment was entered into on April 6, 2022, the lease to purchase
agreement for radio equipment which was entered into on May 20, 2019, the lease
to purchase agreement for six (6) Chevrolet staff vehicles which was entered into
on December 12, 2019, the lease to purchase agreement for (33) tempus pro heart
monitors which was entered into on December 28, 2020 and the lease to purchase
agreement for an aerial truck which was entered into on November 15, 2022.
4. Pension liability (FRS) in the amount of $5,537,556 (see Note G).
5. Pension liability (HIS) in the amount of $1,761,057 (see Note G).
6. Pension liability (Ch. 175) in the amount of $16,475,468 (see Note G).
Economic Facts and Next Year’s Budget Millage Rates
The following factors were being taken into consideration when the fiscal year ending
September 30, 2025 budget was prepared:
1. Appraised taxable property values increased by $4,498,739,882, or 9.4 percent
for tax year 2024 (FY 2025) in the North Naples service delivery area as
compared to an increase of 11.5 percent for tax year 2023 (FY 2024). In the Big
Corkscrew service delivery area, taxable property values increased by
$445,432,773 or 12.8 percent for tax year 2024 (FY 2025), compared to the
increase of 19.5 percent for tax year 2023 (FY 2024).
2. The Board adopted a millage rate of 1.000 mils in the North Naples service
delivery area and the “rolled back rate” of 3.5870 mils in the Big Corkscrew
service delivery area for the fiscal year ending September 30, 2025. The Board
BRV 5/2/2025 x
believes the increase in valuation (at the same millage rate for the North Naples
service delivery area and the rolled back rate for the Big Corkscrew service
delivery area) is necessary to compensate for future capital funding, personnel
growth, and unknown, disaster-related expenditures. The Board has expressed the
desire to continue to move towards one unified taxing rate District wide.
However, the alternative addition of a non-ad valorem fire fee assessment was not
approved by local voters as of the November 2017 elections. Funding
mechanisms and millage caps will be analyzed and reviewed by the District on a
regular basis to ensure adequate funding.
3. For fiscal year ended September 30, 2025 use of (or decrease in) General Fund
reserves is being anticipated and has been budgeted by the Board of Fire
Commissioners in the amount of ($2,325,938). Capital purchases include various
station improvements, fire and medical equipment, communication equipment,
computer equipment, logistics equipment, and various fire apparatus.
Request for Information
This financial report is designed to provide the reader an overview of the District.
Questions regarding any information provided in this report should be directed to: Ben
Van Klingeren, Chief Financial Officer, North Collier Fire Control & Rescue District,
1885 Veterans Park Drive, Naples, FL 34109, 239-597-1322, e-mail:
bvanklingeren@northcollierfire.com.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 5 of 113
STATEMENT OF NET POSITION
September 30, 2024 Governmental
Activities
ASSETS
Current assets:
Cash and cash equivalents 4,914,805$
Restricted cash and cash equivalents 3,025,595
Investments 35,652,427
Due from other governments 1,103,856
Other receivables, net 112,443
Operating lease receivable, current 182,854
Right of use - subscription asset-current 210,016
Other assets 1,596,952
46,798,948
Noncurrent assets:
Operating lease receivable, net of current portion 2,275,104
Right of use asset (ROU) - operating leases 705,924
Right of use - subscription asset, net of current 369,588
Capital assets:
Land 13,034,473
Construction in progress 1,339,000
Equipment in transit 1,188,300
Depreciable buildings, equipment, and vehicles
(net of $26,798,964 accumulated depreciation) 18,477,495
Total noncurrent assets 37,389,884
TOTAL ASSETS 84,188,832
DEFERRED OUTFLOWS OF RESOURCES 30,468,012
LIABILITIES
Current liabilities:
Accounts payable and accrued expenses 3,969,612
Contract deposits 17,500
Unearned revenue 8,575,982
Operating lease liability, current 209,236
Right of use - subscription liability-current 164,009
Current portion of long-term obligations 873,124
Total current liabilities 13,809,463
Noncurrent liabilities:
Operating lease liability, net of current 629,351
Right of use - subscription liability, net of current 432,311
Noncurrent portion of long-term obligations 41,654,294
Total noncurrent liabilities 42,715,956
TOTAL LIABILITIES 56,525,419
DEFERRED INFLOWS OF RESOURCES 9,199,612
NET POSITION
Net investment in capital assets 32,000,303
Restricted 1,936,596
Unrestricted 14,994,914
TOTAL NET POSITION 48,931,813$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 6 of 113
STATEMENT OF ACTIVITIES
Year Ended September 30, 2024
Governmental
Activities
EXPENSES
Governmental Activities
Public Safety - Fire Protection
Personnel services 40,559,709$
Operating expenses 10,788,260
Depreciation 2,487,407
Interest and fiscal charges 43,620
TOTAL EXPENSES - GOVERNMENTAL ACTIVITIES 53,878,996
PROGRAM REVENUES
Charges for services 3,710,603
Operating grants and contributions 354,012
NET PROGRAM EXPENSES 49,814,381
GENERAL REVENUES
Ad Valorem taxes 59,315,452
Impact fees -
Interest 2,411,753
Gain on disposition of capital assets 264,225
Other 279,190
TOTAL GENERAL REVENUES 62,270,620
INCREASE (DECREASE) IN NET POSITION 12,456,239
NET POSITION - Beginning of the year 36,475,574
NET POSITION - End of the year 48,931,813$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 7 of 113
BALANCE SHEET - GOVERNMENTAL FUNDS
September 30, 2024
Total
General Impact Fee Inspection Fee Governmental
Fund Fund Fund Funds
ASSETS
Cash and cash equivalents 4,914,805$ -$ -$ 4,914,805$
Restricted cash and cash equivalents - 974,505 2,051,090 3,025,595
Investments 28,151,762 7,500,665 - 35,652,427
Due from other governments 740,095 90,992 272,769 1,103,856
Due from other funds 290,181 - 9,825 300,006
Other receivables, net 112,443 - - 112,443
Prepaid expenses 1,596,952 - - 1,596,952
TOTAL ASSETS 35,806,238$ 8,566,162$ 2,333,684$ 46,706,084$
LIABILITIES AND FUND BALANCE
LIABILITIES
Accounts payable and accrued expenses 3,861,343$ 1,362$ 106,907$ 3,969,612$
Due to other funds 9,825 - 290,181 300,006
Contract deposits 17,500 - - 17,500
Unearned revenue 11,182 8,564,800 - 8,575,982
TOTAL LIABILITIES 3,899,850 8,566,162 397,088 12,863,100
FUND BALANCE
Nonspendable 1,596,952 - - 1,596,952
Restricted - - 1,936,596 1,936,596
Assigned 30,309,436 - - 30,309,436
Unassigned - - - -
TOTAL FUND BALANCE 31,906,388 - 1,936,596 33,842,984
TOTAL LIABILITIES AND
FUND BALANCE 35,806,238$ 8,566,162$ 2,333,684$ 46,706,084$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 8 of 113
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL
FUNDS TO THE STATEMENT OF NET POSITION
September 30, 2024
Amount
Total fund balance of governmental funds 33,842,984$
Amounts reported for governmental activities in the
Statement of Net Position are different because:
Lease income received in governmental activities are not financial
resources and therefore are not reported in the governmental funds.
Operating lease receivable 2,457,958
Assets used in governmental activities are not financial resources
and, therefore, are not reported in the governmental funds.
Right of Use Asset (ROU) Subscription asset- GASB No. 96 579,604
Right of Use Asset (ROU) Operating leases- GASB No. 87 705,924
Capital assets not being depreciated:
Land 13,034,473
Construction in progress 1,339,000
Equipment in transit 1,188,300
15,561,773
Governmental capital assets being depreciated:
Building, equipment and vehicles 45,276,459
Less accumulated depreciation (26,798,964)
18,477,495
Deferred outflows and deferred inflows related to pensions are applied to
future periods and, therefore, are not reported in the governmental funds.
Deferred outflows - Net OPEB Liability 1,540,903
Deferred outflows - FRS/HIS 1,585,426
Deferred outflows - FPT 27,341,683
30,468,012
Deferred inflows - Net OPEB Liability (1,769,177)
Deferred inflows - FRS/HIS (2,369,240)
Deferred inflows - FPT (2,762,562)
Deferred inflows - Lessor (2,298,633)
(9,199,612)
Long-term obligations are not due and payable in the current period
and, therefore, are not reported in the governmental funds.
Net OPEB liability (13,498,912)
Net pension liability - FRS (5,537,556)
Net pension liability - HIS (1,761,057)
Net pension liability - FPT (16,475,468)
Financing leases (2,038,965)
Compensated absences (3,215,460)
(42,527,418)
ROU Subscription liability - GASB No. 96 (596,320)
ROU Operating lease liability - GASB No. 87 (838,587)
(1,434,907)
Elimination of interfund amounts:
Due to other funds (300,006)
Due from other funds 300,006
-
Total net position of governmental activities 48,931,813$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 9 of 113
STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - GOVERNMENTAL FUNDS
Year Ended September 30, 2024
Total
General Impact Fee Inspection Fee Governmental
Fund Fund Fund Funds
REVENUES
Ad Valorem taxes 59,315,452$ -$ -$ 59,315,452$
Intergovernmental revenue:
State firefighter supplement 111,376 - - 111,376
Federal grants 198,197 - - 198,197
Other intergovernmental 44,439 - - 44,439
Charges for services:
Inspection fees and other 820,571 - 1,430,027 2,250,598
Plan review fees - - 1,460,005 1,460,005
Impact fees - - - -
Miscellaneous:
Interest 2,324,711 17,268 7,153 2,349,132
Other 278,810 - - 278,810
TOTAL REVENUES 63,093,556 17,268 2,897,185 66,008,009
EXPENDITURES
Current
Public safety
Personnel services 44,782,316 - 1,937,487 46,719,803
Operating expenditures 10,562,047 17,268 114,363 10,693,678
Capital outlay 4,486,334 - - 4,486,334
Debt service:
Principal reduction 884,577 - - 884,577
Interest and fiscal charges 102,741 - - 102,741
TOTAL EXPENDITURES 60,818,015 17,268 2,051,850 62,887,133
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES 2,275,541 - 845,335 3,120,876
OTHER FINANCING SOURCES AND USES
Proceeds from financing lease - - - -
Proceeds from disposition of capital assets 1,721,150 - - 1,721,150
Transfers in - - - -
Transfers out - - - -
TOTAL OTHER FINANCING SOURCES
AND USES 1,721,150 - - 1,721,150
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER
FINANCING USES 3,996,691 - 845,335 4,842,026
FUND BALANCE - Beginning of the year 27,909,697 - 1,091,261 29,000,958
FUND BALANCE - End of the year 31,906,388$ -$ 1,936,596$ 33,842,984$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 10 of 113
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCE
OF GOVERNMENTAL FUNDS TO THE STATEMENT
OF ACTIVITIES
Year Ended September 30, 2024
Amount
Net change (revenues and other financing sources over (under) expenditures
and other financing uses) in fund balance - total governmental fund 4,842,026$
The increase (change) in net position reported for governmental activities
in the Statement of Activities is different because
Governmental funds report rent received as revenues.
However, in the Statement of Activities the lease is recorded
as a receivable and the revenue is amortized over the lease term.
Plus: current year lease revenue 380
Plus: interest earned on lease receivable 62,621
Plus: amortization of deferred inflow of lease receivable -
Less: current year SBITA expense (16,716)
46,285
Governmental funds report capital outlays as expenditures.
In the Statement of Activities, however, the cost of those assets
is allocated over their estimated useful lives and reported as
depreciation expense. The loss on disposition of capital assets
decreases the net position.
Plus: expenditures for capital assets 4,486,334
Less: proceeds from disposition of capital assets (1,721,150)
Plus: gain on disposition of capital assets 264,225
Less: current year depreciation (2,487,407)
542,002
The issuance of debt is reported as a financing source in governmental
funds and thus contributes to the change in fund balance. In the
Statement of Net Position, however, issuing debt increases long-term
liabilities and does not affect the Statement of Activities.
Similarly, repayment of principal is an expenditure in the
governmental funds but reduces the liability in the Statement of
Net Position.
Borrowings (proceeds from issuance):
Less: financing lease - heart monitors -
-
Repayments (principal retirement):
Plus: financing leases 884,577
884,577
Governmental funds report rent paid as expenses.
However, in the Statement of Activities the lease is recorded
as a liability and the expense is amortized over the lease term.
Less: current year lease expense (77,866)
Plus: interest paid on lease liability 59,121
Plus: amortization of right of use asset -
(18,745) -
Some expenses reported in the Statement of Activities do not require the
use of current financial resources and therefore are not reported as
expenditures in the governmental funds
(Increase) decrease in Net OPEB liability (2,133,002)
(Increase) decrease in net pension liability - FRS 809,700
(Increase) decrease in net pension liability - HIS 240,417
(Increase) decrease in net pension liability - FPT 9,522,646
(Increase) decrease in compensated absences (198,618)
Increase (decrease) in deferred outflows - OPEB 6,787
(Increase) decrease in deferred inflows - OPEB 345,976
Increase (decrease) in deferred outflows - FRS/HIS (5,912)
(Increase) decrease in deferred inflows - FRS/HIS (51,719)
Increase (decrease) in deferred outflows - FPT (2,455,032)
(Increase) decrease in deferred inflows - FPT 78,851
6,160,094
Increase (decrease) in net position of governmental activities 12,456,239$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 11 of 113
STATEMENT OF FIDUCIARY NET
POSITION - FIDUCIARY FUND
September 30, 2024
Firefighters'
Pension Trust
Fund
ASSETS
Investments, at fair value:
Cash and cash equivalents - money market 3,779,358$
Infrastructure 12,323,274
Equity securities 102,808,431
Fixed income mutual funds - international 8,041,807
U.S. Government bonds 13,294,304
Corporate bonds 10,886,426
Real estate 10,318,570
161,452,170
Prepaid expenses 5,029
Due from District 112,333
Due from other governments - State 668,153
Due from securities sold 80,503
Accrued investment income 185,928
TOTAL ASSETS 162,504,116
LIABILITIES
Accounts payable 110,299
TOTAL LIABILITIES 110,299
NET POSITION
Restricted for DROP benefits 3,746,038
Restricted for defined pension benefits 158,647,779
TOTAL NET POSITION 162,393,817$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 12 of 113
STATEMENT OF CHANGES IN FIDUCIARY
NET POSITION - FIDUCIARY FUND
Year Ended September 30, 2024
Firefighters'
Pension Trust
Fund
ADDITIONS
Contributions:
Employer 7,941,482$
Plan members - employees 1,412,456
Buybacks 10,457
State of Florida, insurance premiums excise tax 3,336,634
Total contributions 12,701,029
Investment income:
Net appreciation (depreciation) including realized gains/losses 20,690,675
Interest and dividends 4,376,196
Total investment income 25,066,871
Less: investment expenses (507,440)
Net investment income (loss) 24,559,431
Other income 1,028
TOTAL ADDITIONS 37,261,488
DEDUCTIONS
Benefits paid 2,568,309
DROP distributions 1,143,240
Refund of contributions 34,750
Administrative expenses 144,818
TOTAL DEDUCTIONS 3,891,117
NET INCREASE (DECREASE) IN NET POSITION 33,370,371
NET POSITION - BEGINNING 129,023,446
NET POSITION - ENDING 162,393,817$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 13 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
North Collier Fire Control and Rescue District (the "District") is an independent
special taxing district located in Collier County, Florida. On January 1, 2015, the
North Collier Fire Control and Rescue District was officially formed by merging the
North Naples Fire Control and Rescue District and the Big Corkscrew Island Fire
Control and Rescue District. On February 6, 2014, the two Districts entered into an
Interlocal Agreement to merge. Each Board adopted a resolution identifying their
intent to initiate the voluntary merger process pursuant to Florida Statute Chapter
189.074. The two Districts created a proposed Joint Merger Plan which was
adopted by both Boards and ultimately put before the voters of each District by
referendum. On November 4, 2014, voters from both districts approved the
referendum to merge the two districts into one. On June 10, 2015, the Governor
signed into legislation the official enabling act of the new District via Laws of Florida
(LOF) Chapter 2015-191. The merger was intended to ensure the best possible
emergency response times, operational efficiencies and ensure long term sustainability
of the combined District. There was no impairment of capital assets as the result of
the merger, which was effective as of January 1, 2015 and no significant accounting
adjustment other than to combine the assets, liabilities and net position/fund balance
at January 1, 2015, of both Districts. The District has the general and special powers
prescribed by Florida Statute Chapters 189, 191 and 633.15. The District is
governed by a five (5) member elected Board of Commissioners. Commissioners
serve on a staggered four (4) year term basis.
The North Collier Fire Control and Rescue District provides fire control and
protection services, fire safety, inspections, code enforcement, fire hydrant
maintenance, firefighter training, and crash and fire rescue services as well as basic
and advanced life support services. The District serves a portion of Collier County,
Florida. In providing these services, the District operates and maintains ten (10)
stations and the related equipment and employs approximately 283 full-time
professional firefighters and administrative staff including 5 commissioners.
During the year ended September 30, 2009, the North Naples Fire Control and
Rescue District entered into a joint venture agreement with Florida SouthWestern
State College (FSW) for the operation of the North Collier Fire Training Center
(NCFTC) to educate and train students as State Certified Firefighters. The North
Collier Fire Control and Rescue District is now licensed to operate the NCFTC and
FSW is the program coordinator. The District provides the training room and training
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 14 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Organization, continued
facilities for the NCFTC. FSW, as program coordinator, is responsible for the
operations of the NCFTC including but not limited to the screening and enrolling of
students and for screening and engaging instructors. Therefore, the activities of the
NCFTC are not included in the District's basic financial statements.
Reporting Entity
The District adheres to Governmental Accounting Standards Board (GASB)
Statement Number 14, "Financial Reporting Entity" (GASB 14), as amended by
GASB Statement Number 39, "Determining Whether Certain Organizations Are
Component Units" (GASB 39) and GASB Statement Number 61, "The Financial
Reporting Omnibus - An Amendment of GASB Statements No. 14 and No. 34"
(GASB 61).
This Statement requires the basic financial statements of the District (the primary
government) to include its component units, if any. A component unit is a legally
separate organization for which the elected officials of the primary government are
financially accountable. Based on the criteria established in GASB 14, as amended,
there are no component units required to be included or included in the District's
basic financial statements.
Government-wide Financial Statements
The government-wide financial statements (i.e., the Statement of Net Position and the
Statement of Activities) report information on all of the activities of the District and do
not emphasize fund types. These governmental activities comprise the primary
government. Fiduciary funds are properly not included in the government-wide
financial statements. General governmental and intergovernmental revenues support
the governmental activities. The purpose of the government-wide financial statements
is to allow the user to be able to determine if the District is in a better or worse
financial position than the prior year. The effect of all interfund activity between
governmental funds has been removed from the government-wide financial
statements.
Government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the pension fund
financial statements. Under the accrual basis of accounting, revenues, expenses,
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 15 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Government-wide Financial Statements, continued
gains, losses, assets, and liabilities resulting from exchange and exchange-like
transactions are recognized when the exchange takes place. Revenues, expenses,
gains, losses, assets, and liabilities resulting from nonexchange transactions are
recognized in accordance with the requirements of GASB Statement Number 33,
"Accounting and Financial Reporting for Nonexchange Transactions" (GASB 33).
Amounts paid to acquire capital assets are capitalized as assets in the
government-wide financial statements rather than reported as expenditures.
Proceeds of long-term debt are recorded as liabilities in the government-wide
financial statements rather than as other financing sources. Amounts paid to reduce
long-term indebtedness of the reporting government are reported as a reduction of
the related liability in the government-wide financial statements rather than as
expenditures.
The Statement of Activities demonstrates the degree to which the direct expenses of
a given function are offset by program revenues. Direct expenses are those that are
clearly identifiable with a specific function or segment. Program revenues include: 1)
charges to customers or applicants who purchase, use, or directly benefit from
goods, services, or privileges provided by a given function, and 2) grants and
contributions that are restricted to meeting the operational or capital improvements of
a particular function. Taxes and other items not properly included among program
revenues are reported instead as general revenues.
Program revenues are considered to be revenues generated by services performed
and/or by fees charged such as inspection fees, burn permits, and hydrant tests.
Fund Financial Statements
The District adheres to GASB Number 54, "Fund Balance Reporting and
Governmental Fund Type Definitions" (GASB 54). Essentially, the implementation
resulted in adoption of a fund balance policy and reclassification of the components
within fund balance.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 16 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Fund Financial Statements, continued
The accounts of the District are organized on the basis of funds, each of which is
considered a separate accounting entity. The operations of each fund are accounted
for with a separate set of self-balancing accounts that comprise its assets, liabilities,
fund equity or net position, revenues, and expenditures or expenses, as appropriate.
Government resources are allocated to and accounted for in individual funds based
upon the purpose for which they are to be spent and the means by which spending
activities are controlled.
Fund financial statements for the District's governmental funds are presented after the
government-wide financial statements. These statements display information about
major funds individually and nonmajor funds in aggregate for governmental funds. The
fiduciary fund financial statement includes financial information for the Firefighters'
Pension Trust Fund. The fiduciary fund represents assets held by the District in a
custodial capacity for the benefit of other individuals.
Governmental Funds
When both restricted and unrestricted resources are combined in a fund,
expenditures are considered to be paid first from restricted resources, as appropriate,
and then from unrestricted resources. Governmental fund financial statements are
reported using the current financial resources measurement focus and the modified
accrual basis of accounting. Revenues are considered to be available when they are
collected within the current period or soon thereafter to pay liabilities of the current
period.
The District's major funds are presented in separate columns on the governmental
fund financial statements. The definition of a major fund is one that meets certain
criteria set forth in GASB Statement Number 34, "Basic Financial Statements - and
Management's Discussion and Analysis - for State and Local Governments" (GASB
34). The funds that do not meet the criteria of a major fund are considered
non-major funds and are combined into a single column on the governmental fund
financial statements.
Separate financial statements are provided for governmental funds. Major individual
governmental funds are reported in separate columns on the fund financial statements.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 17 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Governmental Funds, continued
In accordance with the District's enabling documents, separate budgets within the
General Fund are maintained for the North Naples (NN) Service Delivery Area
(SDA) and the Big Corkscrew Island (BCI) Service Delivery Area (SDA). Separate
budgets are required for each service delivery area until such time as when one
consistent millage rate is adopted for both service delivery areas. As such, separate
service delivery area budget vs. actual comparison statements are included in the
required supplementary information and a combining schedule is included in the other
information section as the District must ultimately maintain and report a single General
Fund.
Fiduciary Fund
The Pension Trust Fund accounts for the activities of the Firefighters' Pension Trust
(FPT) Fund, which accumulates resources for the pension benefit payments to
qualified firefighters.
The net position of this fund is not considered to be part of the net position of the
District and is not available to the District's creditors.
Measurement Focus and Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are
recognized in the accounts and reported in the basic financial statements. Basis of
accounting relates to the timing of the measurements made, regardless of the
measurement focus applied.
The government-wide and fiduciary fund financial statements are reported using the
economic resources measurement focus and the accrual basis of accounting.
Revenues are recorded when earned and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows. Property taxes are recognized
as revenues in the year for which they are levied. Grants and similar items are
recognized as revenue as soon as all eligibility requirements have been met.
Governmental fund financial statements are reported using the current financial
resources measurement focus and the modified accrual basis of accounting.
Revenues are recognized as soon as they are both measurable and available.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 18 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Measurement Focus and Basis of Accounting, continued
Revenues are considered to be available when they are collectible within the current
period and soon enough thereafter to pay liabilities of the current period. For this
purpose, the District considers tax revenues to be available if they are collected
within sixty days of the end of the current fiscal period.
Revenues susceptible to accrual are interest on investments, and intergovernmental
revenues. Interest on invested funds is recognized when earned. Intergovernmental
revenues that are reimbursements for specific purposes or projects are recognized
when all eligibility requirements are met.
Expenditures are generally recognized under the modified accrual basis of accounting
when the related fund liability is incurred. Exceptions to this general rule include: (1)
principal and interest on long-term debt, if any, is recognized when due; and (2)
expenditures are generally not divided between years by the recording of prepaid
expenditures.
Separate financial statements are provided for governmental funds and the fiduciary
fund, even though the latter are excluded from the government-wide financial
statements.
Non-current Government Assets/Liabilities
GASB 34 requires non-current governmental assets, such as land and buildings, and
non-current governmental liabilities, such as notes payable and financing leases, to be
reported in the governmental activities column in the government-wide Statement of
Net Position.
Major Funds
The District reports the following major governmental funds:
The General Fund is the District's primary operating fund. It accounts for all financial
resources of the District (including both service delivery areas), except those
required to be accounted for in another fund.
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NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Major Funds, continued
The Impact Fee Fund (the District has one combined Impact Fee Fund) consists of
fees imposed and collected by Collier County based on new construction within each
service delivery area of the District. The fees are restricted and can only be used for
certain capital expenditures associated with growth within the District.
Non-Major Fund
The District reports the following non-major fund:
The Inspection Fee Fund is used by the District to account for the receipt and
expenditures of its Inspection and Plan Review Fee Programs. Fees are charged for
the inspection of new building construction and for fire code plan review. The fees
are collected by Collier County and are remitted to the District. This fund also
includes fee per interlocal agreement whereby the District performs inspections for
another independent fire district.
Fiduciary Fund
The Fiduciary Fund is excluded from the government-wide financial statements
because the resources of those funds are not available to support the District's
programs. The only type of fiduciary fund the District maintains is a Firefighters'
Pension Trust Fund, under Florida Statute Chapter 175, which accounts for
retirement assets held by the Plan that are payable to certain qualified firefighters
upon retirement.
Budgetary Information
The District has elected to report budgetary comparisons of its major funds and its
non-major fund as required supplementary information (RSI).
Investments
The District adheres to the requirements of GASB Statement Number 31,
"Accounting and Financial Reporting for Certain Investments and for External
Investment Pools," (GASB 31) in which all investments are reported at fair value.
Investments, including restricted investments, consist of certificates of deposit, U.S.
Government securities, corporate debt and equity securities, and securities of
government agencies unconditionally guaranteed by the U.S. Government.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 20 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Capital Assets
Capital assets, which include land, construction in progress, buildings, equipment and
vehicles, are reported in the government-wide Statement of Net Position.
The District follows a capitalization policy which calls for capitalization of all capital
assets that have a cost or donated value of $5,000 or more and have a useful life in
excess of one year.
All capital assets are valued at historical cost or estimated historical cost if actual
historical cost is not available. Donated capital assets are valued at their estimated
fair market value on the date donated. Public domain (infrastructure) capital assets
consisting of certain improvements other than building, including curbs, gutters and
drainage systems, are not capitalized, as the District generally does not acquire such
assets. No debt-related interest expense is capitalized as part of capital assets in
accordance with GASB 34.
Maintenance, repairs and minor renovations are not capitalized. The acquisition of
land and construction projects utilizing resources received from Federal and State
agencies are capitalized when the related expenditure is incurred.
Expenditures that materially increase values, change capacities or extend useful lives
are capitalized. Upon sale or retirement, the cost is eliminated from the respective
accounts.
Expenditures for capital assets are recorded in the fund statements as current
expenditures. However, such expenditures are not reflected as expenditures in the
government-wide statements, but rather are capitalized and depreciated.
Depreciable capital assets are depreciated using the straight-line method over the
following estimated useful lives:
Capital Asset Years
Buildings 15-30
Capital Assets acquired under Capital Lease 6-10
Office Equipment 3-30
Vehicles 3-10
Equipment and Machinery 3-15
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 21 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Budgets and Budgetary Accounting
The District is required to and did adopt separate annual General Fund budgets for
each of the two (2) service delivery areas within the District's General Fund.
The District adopted annual budgets for the Special Revenue Funds, including the
Impact Fee Fund and the Inspection Fee Fund.
No budget was adopted or required to be adopted for the Firefighters' Pension Trust
Fund.
The District follows these procedures in establishing budgetary data for the General
Fund, the Impact Fee Fund, and the Inspection Fee Fund:
1. During the summer of each year, the District Fire Chief submits to the Board of
Commissioners a proposed operating budget for the fiscal year commencing on
the upcoming October 1. The operating budget includes proposed
expenditures and the means of financing them.
2. Public hearings are conducted to obtain citizen comments.
3. The budget is adopted by approval of the Board of Commissioners.
4. Budget amounts, as shown in these basic financial statements, are as originally
adopted or as amended by the Board of Commissioners.
5. The budget is adopted on a basis consistent with accounting principles generally
accepted in the United States of America.
6. The level of control for appropriations is exercised at the fund level.
7. Appropriations lapse at year-end.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 22 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Budgets and Budgetary Accounting, continued
Several budget amendments were approved by the Board of Commissioners during
the year ended September 30, 2024. Budgeted revenues and expenditures were
increased (decreased) as follows:
Amount
General fund - NN SDA 1,253,829$
General fund - BCI SDA 597,570
Total General Fund 1,851,399$
Impact fee fund 362,630$
Inspection fee fund 948,073$
Impact Fees/Deferred Revenue
The District levies an impact fee on new construction within the District. The intent of
the fee is for growth within the District to pay for capital improvements needed due to
the growth. The fee is imposed and collected by Collier County and remitted to the
District which accounts for impact fees collected by service delivery area. The fee is
refundable if not expended by the District within ten (10) years from the date of
collection. The District, therefore, records this fee as restricted cash and as unearned
revenue until the date of expenditure, at which time it is recognized as revenue and
charged to capital outlay in the fund financial statements and capital assets in the
government-wide financial statements.
Net Position
In the government-wide financial statements, net position is identified as restricted
when there are externally imposed constraints as to its use, such as through debt
covenants, by grantors, or by law.
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NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Fund Balances
The governmental fund financial statements the District maintains include
nonspendable, restricted, assigned, and unassigned fund balances. Nonspendable
fund balances are those that cannot be spent because they are either (a) not in
spendable form or (b) legally or contractually required to be maintained intact.
Criteria include items that are not expected to be converted into cash, for example
prepaid expenses.
Restricted fund balances are those that are restricted by a third party such as
inspection fees. Restricted fund balances can only be spent for the stipulated
purposes.
The District's assigned fund balances are a result of official action of the District's
Board. The District's intent is to maintain a minimum assigned fund balance level of
three (3) months of budgeted total expenditures. The assigned fund balance includes
the District's operational and capital reserves as well as its disaster reserve. At
September 30, 2024, fund balance is also assigned for a variety of specific items by
District Board action. Any use of the assigned fund balance requires the District's
Board approval.
Due To/From Other Funds
Interfund receivables and payables arise from interfund transactions and are recorded
by funds affected in the period in which the transactions are executed.
Due From Other Governments
No allowance for losses on uncollectible accounts has been recorded since the
District considers all amounts to be fully collectible.
Indirect Costs
Expenses are allocated between service delivery areas on the same line item based
upon a Board approved cost allocation plan. For the year ended September 30,
2024, the costs were allocated on a percentage basis of 77.00% to NN SDA and
23.00% to BCI SDA.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 24 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Compensated Absences
The District's employees accumulate annual leave based on the number of years of
continuous service. Upon termination of employment, employees can receive
payment of accumulated annual leave if certain criteria are met. The costs of
accumulated annual leave benefits (compensated absences) are expended in the
respective operating funds when payments are made to employees. However, the
liability for all accrued vacation and personal leave benefits is recorded in the
government-wide Statement of Net Position.
Encumbrances
Encumbrance accounting, under which purchase orders, contracts and other
commitments for the expenditure of monies are recorded in order to reserve that
portion of the applicable appropriation, is not employed by the District because, at
present, it is not necessary in order to assure effective budgetary control or to
facilitate effective cash planning and control.
Management Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets, liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements,
and the reported amounts of revenues and expenditures during the reporting period.
Actual results could differ from those estimates.
Interfund Transactions
The District considers interfund receivables (due from other funds) and interfund
payables (due to other funds) to be loan transactions to and from other funds to cover
temporary (three months or less) cash needs. Transactions that constitute
reimbursements to a fund for expenditures/expenses initially made from it that are
properly applicable to another fund are recorded as expenditures/expenses in the
reimbursing funds and as reduction of expenditures/expenses in the fund that is
reimbursed. Such amounts are eliminated in the government-wide financial
statements.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 25 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Pensions
In the government-wide Statement of Net Position, liabilities are recognized for the
District's proportionate share of each pension plan's net pension liability. For
purposes of measuring the net pension liability, deferred outflows of resources and
deferred inflows of resources related to pensions, and pension expense, information
about the fiduciary net position of the Firefighters' Pension Fund (FPF), the Florida
Retirement System (FRS) and the Health Insurance Subsidy (HIS) defined benefit
plan and additions to/deductions from fiduciary net position have been determined on
the same basis as they are reported by the Plans. For this purpose, benefit payments,
(including refunds of employees' contributions) are recognized when due and payable
in accordance with the benefit terms. Investments are reported at fair value for the
FPF.
The District's retirement plans and related amounts are described in a subsequent
note.
Deferred Outflows/Inflows of Resources
In addition to assets, the Statement of Net Position reports a separate section for
deferred outflows of resources. This separate financial statement element, deferred
outflows of resources, represents a consumption of net position that applies to future
periods and so will not be recognized an as outflow of resources
(expense/expenditure) until then. The deferred amount on pensions is reported only
in the government-wide Statement of Net Position. The deferred outflows of
resources related to pensions and OPEB are discussed in a subsequent note.
In addition to liabilities, the Statement of Net Position reports a separate section for
deferred inflows of resources. This separate financial statement element, deferred
inflows of resources, represents an acquisition of net position that applies to a future
period and so will not be recognized as an inflow of resources (revenue) until that
time. The deferred amount on pensions is reported only in the government-wide
Statement of Net Position. A deferred amount on pension results from the difference
in the expected and actual amounts of experience, earnings, and contributions. This
amount is deferred and amortized over the service life of all employees that are
provided with pensions, operating leases receivable and OPEB through these plans
except earnings which are amortized over five to seven years.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 26 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES, CONTINUED
Public-Private and Public-Public Partnerships and Availability Payment
Arrangements
In March 2020, the GASB issued Statement No. 94 (Public-Private and Public-
Public Partnerships and Availability Arrangements) to bring a uniform
guidance on how to report public-private and public-public partnership arrangements,
will recognize receivables for installment payments, deferred inflows of resources,
and, when applicable, capital assets. Operators will recognize liabilities for
installment payments and intangible right-to-use assets, and when applicable,
deferred outflows of resources and liabilities for assets being transferred.
This Statement also provides guidance for accounting and financial reporting for
availability payment arrangement in which a government compensates an operator for
services such as designing, constructing, financing, maintaining, or operating an
underlying asset for a period of time in an exchange or exchange-like transaction. The
provisions of this Statement are effective for the District's financial statements for the
year ended September 30, 2023. The District, however, had no arrangements that
met this Statement's reporting criteria and/or the related arrangement costs were
considered immaterial for the year ended September 30, 2024.
Subscription-Based Information Technology Arrangements (SBITAs)
In May 2020, the GASB issued Statement No. 96 ( Subscription-Based Information
Technology Arrangements (SBITAs)), which defined the SBITAs and provides
accounting and financial reporting for SBITAs by governments. This Statement
requires a government to recognize a subscription liability and an intangible
right-to-use subscription asset for the SBITAs. The provisions of this Statement are
effective for the District's financial statements for the year ended September 30,
2023. The District had arrangements that met this Statement's reporting criteria and
have reported them as right of use - subscription asset and liability, respectively, on
the Government-Wide financial statements for the year ended September 30, 2024.
For further discussion see Note S.
Reclassifications
Certain amounts in the financial statements have been reclassed to conform with the
current presentation. These reclassifications had no effect on the results of operations
or fund equity.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 27 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Subsequent Events
Subsequent events have been evaluated through May 15, 2025, which is the date the
basic financial statements were available to be issued.
NOTE B - CASH AND CASH EQUIVALENTS
Cash and cash equivalents of the primary government (exclusive of the Firefighters'
Pension Trust Fund) were $7,940,400 of which $3,025,595 was restricted at
September 30, 2024. Total cash and cash equivalents included cash on hand of
$1,300 at September 30, 2024.
Deposits
The District's deposit policy (exclusive of the Firefighters' Pension Fund) allows
deposits to be held in demand deposit and money market accounts and is consistent
with Florida Statutes, Chapter 218.415(17). All District depositories are institutions
designated as qualified depositories by the State Treasurer at September 30, 2024.
Deposits consist of the following at September 30, 2024:
District Carrying Bank
Amount Balance
General Fund
Depository Accounts 4,913,505$ 5,041,947$
Money Market - -
Total General Fund 4,913,505$ 5,041,947$
General Fund
Depository Accounts -$ -$
Special Revenue Funds
Impact Fee
Depository Accounts 974,505$ 974,505$
Inspection Fee
Depository Accounts 2,051,090 2,051,090
Total Special Revenue Funds 3,025,595 3,025,595
Total Restricted Funds 3,025,595$ 3,025,595$
Unrestricted
Restricted
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 28 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE B - CASH AND CASH EQUIVALENTS, CONTINUED
Deposits, continued
The District's deposits were entirely covered by federal depository insurance or by
collateral pursuant to the Public Depository Security Act (Florida Statute 280) of
the State of Florida. Bank balances approximate market value.
The District held no other types of deposits during the year ended September 30,
2024.
Restricted Cash and Equivalents
The following is a brief description of the restrictions on cash and cash equivalents:
The Impact Fee account is used to account for the deposit of impact fees received
by both service delivery areas and are restricted for certain capital asset acquisition
associated with growth within the District. Impact fees are collected by Collier
County for the District pursuant to County ordinance and District resolution.
The Inspection Fee account is used to account for inspection fees collected for
performing new construction fire inspections within the District. Such revenue is
restricted for inspection service related costs.
NOTE C - INVESTMENTS
District
Florida Statutes and the District's investment policy authorize investments in the
Florida Fixed Income Trust (FL FIT). Specifically, the District's investment policy is
consistent with Florida Statutes, Chapter 218.415(17). At September 30, 2024, the
District's investments in the FL FIT-Cash Pool (CP) consist of the following:
Fair Value (NAV)/
Cost Carrying
Basis Amount
General Fund - NN
Florida Fixed Income Trust
FL FIT - Cash Pool (CP) 22,922,912$ 22,922,912$
General Fund - BCI
Florida Fixed Income Trust
FL FIT - Cash Pool (CP) 5,228,850 5,228,850
28,151,762$ 28,151,762$
Impact Fee Fund
Florida Fixed Income Trust
FL FIT - Cash Pool (CP) 7,500,665$ 7,500,665$
Total investments 35,652,427$ 35,652,427$
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 29 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE C - INVESTMENTS, CONTINUED
District, continued
The Florida Fixed Income Trust (FL FIT) Cash Pool (CP) was established in
accordance with Florida Statute 163.01 to provide local and state government entities
access to diversified, high credit quality strategies for their cash reserves. The Florida
Fixed Income Trust (FL FIT) Cash Pool is a floating net asset value (NAV) pool,
managed to dollar-in/dollar-out and provides same day liquidity for participants.
The Florida Fixed Income Trust (FL FIT) Cash Pool (CP) is an external 2a7-like
investment pool, which is self administered. The Florida Fixed Income Trust (FL
FIT) Cash Pool (CP) is not categorized as it is not evidenced by securities that exist
in physical or book entry form. The Florida Fixed Income Trust (FL FIT) Cash Pool
are stated at fair value and strives to keep Net Asset Value (NAV) = $1.00.
These investments are subject to the risk that the market value of an investment,
collateral protecting a deposit or securities underlying an investment will decline and
lose value.
FL FIT is not required to register (and has not registered) with the SEC; however,
the fund is an external investment pool that has historically adopted operating
procedures consistent with those required by Florida Statutes.
The District's investment in the Florida Fixed Income Trust (FL FIT) Cash Pool (CP)
represented approximately less than 1% of the Fund's total investments.
At September 30, 2024, the Cash Pool's investments consisted of the following:
17% with commercial paper; 76% with institutional money market deposits, qualified
public deposits and short term bond funds; and 7% with certificates of deposit.
These short-term investments are stated at fair value. Investment income is recognized
as earned and is allocated to participants of the Fund based on their equity
participation.
The District adheres to GASB Statement No. 79 but does not meet all such criteria
and where the Fund meets the criteria to make GASB Statement No. 31 which
requires the following disclosures related to its FL FIT Cash Pool investment:
Limitation on Participant Contributions and Withdrawals: FL FIT-Cash Pool has no
limitations or restrictions on participant withdrawals, does not charge liquidity fees,
and has not put in place a redemption gate. Each participant has the ability to
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 30 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE C - INVESTMENTS, CONTINUED
District, continued
withdraw 100 percent of its account balance any business day that the Investment
Advisor is open for trading. The Investment Advisor is open for trading, and the
funds will settle on the trading date for trades placed prior to 2:00 PM Eastern
Time, and trade date plus one business day (T+1) for trades placed after 2:00 PM
Eastern Time.
Investment Income, Unrealized Gains/Losses, and Realized Gains/Losses: FL
FIT-Cash Pool follows industry practice and records security transactions on a
trade date basis. Dividend and interest income is recognized on an accrual
basis. Net investment income is distributed to participants at least monthly.
Unrealized and realized gains and losses, if any, are distributed to participants
on a daily and monthly basis. Distributions to participants are recorded on the
ex-dividend date.
Valuation: Fair value of the investments in the FL FIT-Cash Pool is determined
on a daily basis. Fair value increases and decreases are included in the change
in unrealized gains and losses during the period. Net realized gains and losses
on sales of securities are computed based on specific identification. Mutual fund
securities are recorded at fair value as determined by using net position value as
furnished by a pricing service and the number of shares owned.
Redemption Gates: Per the Administrator there are no redemption gates for the
year ended September 30, 2024.
Liquidity Fees: Per the Administrator there are no liquidity fees for the year
ended September 30, 2024.
Redemption Fees: As of September 30, 2024, there were no redemption fees
or maximum transaction amounts, or any other requirements that serve to limit
a participant’s daily access to 100 percent of their account value.
Fair Value: The carrying value of the investments held by the District
approximate fair value. However, it is the opinion of the management of Florida
Fixed Income Trust (FL FIT) it is exempt from GASB Statement No.72
financial hierarchy disclosures for the year ended September 30, 2024.
Foreign Currency Risk: Florida Fixed Income Trust (FL FIT) Cash Pool was
not exposed to foreign currency risk for the year ended September 30, 2024.
Securities Lending: Florida Fixed Income Trust (FL FIT) Cash Pool did not
participate in securities lending program during the period October 1, 2023
through September 30, 2024.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 31 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE C - INVESTMENTS, CONTINUED
District, continued
Florida Fixed Income Trust (FL FIT) Cash Pool does provide separate audited
financial statements for the year ended June 30, 2024.
At September 30, 2024, the District reported Florida Fixed Income Trust (FL FIT)
Cash Pool investments of $35,652,427. The Florida Fixed Income Trust (FL FIT)
Cash Pool carried a credit rating of AAAf/S1 by Fitch Rating and had a dollar
weighted average days to maturity (WAM) of 50 days at September 30, 2024. The
Cash Pool 's current dollar weighted average days to maturity to final (WAL) was
305 days at September 30, 2024. The Cash Pool's duration is as follows: expected
target duration 0-5 years, effective duration of .14 years. Rule 2a7 allows funds to
use a constant of $1.00 per share. The fund is not currently rated.
Firefighters' Pension Plan - Investments
Investments held in the Firefighters' Pension Trust Fund (the "Plan") totaled
$161,452,170 (including $3,779,358 in cash and cash equivalents, $8,041,807 in
international mutual funds, $102,808,431 in equity securities, $24,180,730 in fixed
income securities, $12,323,274 in infrastructure, and $10,318,570 in real estate) at
September 30, 2024. Such investments are administered in accordance with
Firefighters' Pension Board policy. This policy provides for investments in cash and
cash equivalents, money markets, mutual funds, equities, treasury notes, federal
agency guaranteed securities, corporate bonds, notes and/or equities and real estate.
The Firefighters' Pension Trust Fund accounts for resources held to fund the
respective firefighter employee pension benefits.
The Firefighters' Pension Trust Fund investments were held by a financial and
investment institution and are subject to certain insurances up to limits specific to the
trustee/custodian institution and retirement trust funds. These assets are subject to
loss of principal.
Investment Authorization:
The Plan's investment policy is determined by the Plan's Board of Trustees. The
policy has been designed by the Board to conduct the operations of the Plan in a
manner so that the assets will provide the pension and other benefits provided under
applicable laws. As such, the policy is designed by the Board to maximize the Plan's
asset value, while assuming risk that is consistent with the Board's risk tolerance. The
Trustees are authorized to acquire and retain every kind of property (real, personal or
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 32 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE C - INVESTMENTS, CONTINUED
Firefighters' Pension Plan - Investments, continued
Investment Authorization, continued:
mixed) and every kind of investment specifically including, but not by way of
limitation, money markets, mutual funds, bonds, debentures, stocks (preferred or
common) and other corporate obligations. Investments are carried at fair value
and/or NAV at September 30, 2024. Interest and dividend revenues are recorded
as earned. Purchases and sales of investments are recorded on the trade-date basis.
Unrealized gains and losses are presented as net appreciation (depreciation) in fair
value of investments on the statement of changes in fiduciary net position along with
gains and losses realized on sales of investments.
Given the inherent nature of investments, it is reasonably possible that changes in the
value of those investments will occur in the near term and that such changes could
materially affect the amounts reported (loss of principal).
Investment in all equity securities shall be limited to those listed on a major U.S. stock
exchange and limited to no more than 80% (at market) of the Plan's total asset value.
The equity position in any one company shall not exceed 5% of the Plan's total assets
at market. Investments in stock of foreign companies shall be limited to 35% of the
value of the Plan's total assets at market.
The fixed income portfolio shall be comprised of securities with a quality rating of
investment grade or higher by a major rating service. Except for Treasury and
Agency obligations, the debt portion of the Plan shall contain no more than 10% of a
given issuer irrespective of the number of differing issues.
The current target allocation at September 30, 2024, of these investments at market
is as follows:
Investment Long Term
Authorized Policy -Target Expected Real
Investments Allocation %Rate Return %
Domestic Equities 35-55% 7.5%
Fixed Income 10-40% 2.5%
Real Estate 0-15% 4.5%
International Equities 10-25% 8.5%
International Fixed Income 0-10% 3.5%
Global Tactical Asset/Infrastructure 0-15% 3.5%
Cash and Cash Equivalents Minimal Minimal
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 33 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE C - INVESTMENTS, CONTINUED
Firefighters' Pension Plan - Investments, continued
Interest Rate Risk:
Interest rate risk is the risk that changes in market interest rates will adversely affect the
fair value of an investment. Generally, the longer the maturity of an investment, the
greater the sensitivity of its fair value to change in market interest rates. As a means of
limiting its exposure to interest rate risk, the Plan diversifies its investments by security
type and institution, and limits holdings in any one type of investment with any one
issuer with various durations of maturities.
Information about the sensitivity of the fair values of the Plan's fixed income
investments to market interest rate fluctuations is provided by the following table that
shows the distribution of the Plan's investment by maturity at September 30, 2024:
Investment Maturities (in years)
Investment Type Fair Value Less than 1 1 to 5 6 to 10 More than 10
Corporate bonds 10,886,426$ 1,209,483$ 3,411,462$ 3,850,653$ 2,414,828$
Mutual funds - Int'l 8,041,807 - 5,433,849 3,622,834 (1,014,876)
U.S. Agencies 9,840,559 - 253,702 39,738 9,547,119
U.S. Treasuries 3,453,745 - 619,843 799,233 2,034,669
32,222,537$ 1,209,483$ 9,718,856$ 8,312,458$ 12,981,740$
Credit Risk:
Credit risk is the risk that a security or a portfolio will lose some or all of its value due
to a real or perceived change in the ability of the issuer to repay its debt. The Plan's
investment policy utilizes portfolio diversification in an effort to mitigate this risk.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 34 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE C - INVESTMENTS, CONTINUED
Firefighters' Pension Plan - Investments, continued
Credit Risk, continued:
The following table discloses credit rating by fixed income investment type at
September 30, 2024, if applicable:
Fair Percentage of
Value Portfolio
Quality rating of credit risk debt securities
A 168,878$ 0.10%
A1 438,465 0.27%
A2 1,791,274 1.11%
A3 2,157,150 1.34%
AA 476,075 0.29%
Aa1 93,429 0.06%
Aa2 138,937 0.09%
Aa3 115,338 0.07%
AAA 6,093,180 3.77%
B 28,951 0.02%
Ba1 59,261 0.04%
Baa1 2,941,679 1.82%
Baa2 1,685,080 1.04%
Baa3 1,255,238 0.78%
BB 165,661 0.10%
BBB 4,515,475 2.80%
Unrated government securities* 10,098,466 6.25%
Total credit risk debt securities 32,222,537$ 19.96%
* Obligations of the U.S. government or obligations explicitly guaranteed by the U.S.
government are not considered to have credit risk and do not have purchase limitations.
Concentration of Credit Risk:
The investment policy of the Plan contains limitations on the amount that can be
invested in any one equity issuer as well as maximum portfolio allocation percentages.
As of September 30, 2024, investment in the following mutual funds represented
more than 5% of the Plan's net position: Pimco Global Bonds Opps (5.0%), DFA
International Value (7.7%), Fidelity Large Cap Growth Index (7.8%), Hoood River
Small Cap Growth Open End (7.6%), JP Morgan Equity Income Fund (8.6%),
Vanguard 500 Index Funds (17.3%) and American Europacific Growth Funds
(7.6%). As of September 30, 2024, investment in the following real estate fund
represented more than 5% of the Plan's net position: U.S. Real Estate Investment
Fund, LLC (6.4%). In addition, the Plan contains limitations on the amount that can
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 35 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE C - INVESTMENTS, CONTINUED
Firefighters' Pension Plan - Investments, continued
Concentration of Credit Risk, continued:
be invested in any one debt issuer, except for the debt securities issued by the U.S.
Government. The Investment policy limits the foreign investments to no more than
35% of the Plan's investment balance. As of September 30, 2024, the foreign
investments were 21% of total investments.
Custodial Credit Risk:
This is the risk that in the event of the failure of the counterparty, the Plan will not be
able to recover the value of its investments or collateral securities that are in the
possession of an outside party. This risk is generally measured by the assignment of a
rating by a nationally recognized statistical rating organization. Consistent with the
Plan's investment policy, the investments are held by the Plan's custodial bank and
registered in the Plan's name.
Foreign Currency Risk:
This is the risk that fluctuations in currency exchange rate may affect transactions
conducted in currencies other than U.S. Dollars and the carrying value of foreign
investments. The Plan's primary exposure to foreign currency risk is derived from its
direct investments in international equity and fixed income mutual funds. The Plan
owns shares in international equity and international bond funds. In accordance with
the Plan's investment policy statement, the US equity and fixed income separate
account managers may invest in individual securities designated as foreign as part of
the normal course of the investment process. The individual foreign securities may be
American Depository Receipts, or NYSE common stock, both transacted in US
dollars, or foreign ordinary securities transacted in foreign currency. The investment
policy limits the foreign investments to no more than 35% of the Plan's investment
balance in equities and no more than 10% in fixed income. As of September 30,
2024, the Plan's exposure to foreign currency risk related to foreign equity funds and
bonds is approximately 21% of the portfolio.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 36 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE C - INVESTMENTS, CONTINUED
Firefighters' Pension Plan - Investments, continued
Fair Value Measurements:
Fair value is defined as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the
measurement date. The Plan categorizes its fair value measurements within the fair
value hierarchy as established by generally accepted accounting principles. The fair
value hierarchy categorizes the inputs to valuation techniques used to measure fair
value into three levels based on the extent to which inputs used in measuring fair value
are observable in the market as follows:
Level 1 - Inputs to the valuation methodology are based upon quoted prices for
identical assets in active markets.
Level 2 - Inputs to the valuation methodology are based upon observable inputs for
the assets either directly or indirectly, other than those considered Level 1 inputs,
which may include quoted prices for identical assets in markets that are not
considered to be active, and quoted prices of similar assets in active or inactive
markets.
Level 3 - Inputs to the valuation methodology are based upon unobservable inputs.
Following is a description of the valuation methodologies used for asset measured at
fair value.
Common stock: Valued at the closing price reported on the New York Stock
Exchange.
Government securities: Valued using pricing models maximizing the use of
observable inputs for similar securities.
Mutual funds: Valued at the daily closing price as reported by the Plan. Mutual
funds held by the Plan are open-ended mutual funds that are registered with the
Securities and Exchange Commission. These funds are required to publish their
daily net asset value (NAV) and to transact at that price. The mutual funds held
by the Plan are deemed to be actively traded.
Corporate bonds: Valued using pricing models maximizing the use of observable
inputs for similar securities. This includes basing the value on yields currently
available on comparable securities of issuers with similar credit ratings. When
quoted prices are not available for identical or similar bonds, the bond is valued
under a discounted cash flows approach that maximizes observable inputs, such
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 37 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE C - INVESTMENTS, CONTINUED
Firefighters' Pension Plan - Investments, continued
Fair Value Measurements, continued:
as current yield of similar instruments, but included adjustments for certain risks
that may not be observable, such as credit and liquidity risks or a broker quote, if
available.
Real estate: Valued at the net asset value of shares held by the Plan at year end.
The Plan has investments in private market real estate investments for which no
liquid public market exists.
Money market funds: Valued at the floating net asset value (NAV) of shares held
by the Plan at year end.
The following table presents the Plan's fair value hierarchy for investments at fair
value as of September 30, 2024:
Quoted
Prices in Significant
Active Other Significant
Markets for Observable Unobservable
Identical Assets Inputs Inputs
Total (Level 1)(Level 2)(Level 3)
Investments by fair value level
Equity securities:
Common stocks 10,848,548$ 10,848,548$ -$ -$
Foreign stocks 273,375 273,375 - -
Domestic equity mutual funds 66,975,568 - 66,975,568 -
International equity mutual funds 24,710,940 - 24,710,940 -
REIT - - - -
Total equity securities 102,808,431 11,121,923 91,686,508 -
Debt securities
U.S. treasury securities 3,453,745 1,419,075 2,034,670 -
U.S. agency securities 9,840,559 - 9,840,559 -
Corporate bonds 10,886,426 - 10,886,426 -
Fixed income mutual funds -int'l 8,041,807 - 8,041,807 -
Total debt securities 32,222,537 1,419,075 30,803,462 -
Total investments by fair value 135,030,968 12,540,998$ 122,489,970$ -$
Investments measured at the net asset value (NAV) *
Real estate fund 10,318,570
Infrastructure 12,323,274
Total investment measured at NAV 22,641,844
Money market funds (exempt) 3,779,358
Total investments 161,452,170$
* As required by GAAP, certain investments have not been classified in the fair value hierarchy. The fair
value amounts presented in the previous table are intended to permit reconciliation for the fair value
hierarchy to the total investment line item in the Statement of Fiduciary Net Position.
Fair Value Measurements Using
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 38 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE C - INVESTMENTS, CONTINUED
Firefighters' Pension Plan - Investments, continued
Fair Value Measurements, continued:
The following table summarizes investment for which fair value is measured using the
net asset value per share practical expedient, including their related unfunded
commitments and redemption restrictions:
Investments measured at the NAV
Redemption
Unfunded Frequency (if Redemption
Fair Value Commitments Currently Eligible)Notice Period
Real estate fund (1) 10,318,570$ -$ Quarterly 90 Days
Infrastructure (2) 12,323,274 - Quarterly 90 Days
22,641,844$ -$
(1) Real estate fund: The fund is an open-ended real estate investment fund investing primarily in core
institutional office, retail, industrial, and multi-family properties located throughout the United States. The
investment is valued at NAV and its redemption must be received by the fund 90 days prior to quarter end.
(2) Infrastructure: Brookfiled Super-Core Infrastructure Partners is an infrastructure core fund co-managed by
Brookfield Corporation, and Brookfield Public Securities Group. The fund is located in Toronto, Canada. The
fund targets transportation, telecommunication, power, renewable energy assets and infrastructure sectors.
NOTE D - DUE TO/FROM OTHER FUNDS
Interfund receivables and payables at September 30, 2024, are as follows:
Due from Due to
Other Funds Other Funds
General Fund:
Impact Fee Fund -$ -$
Inspection Fee Fund 290,181 9,825
Total General Fund 290,181 9,825
Special Revenue Funds:
Impact Fee Fund
General Fund - -
Inspection Fee fund - -
Inspection Fee Fund
General Fund 9,825 290,181
Impact Fee Fund - -
Total Special Revenue Funds 9,825 290,181
Total 300,006$ 300,006$
Interfund receivables and payables were eliminated for presentation purposes in the
Statement of Net Position at September 30, 2024.
Fund
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 39 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE E - LEASES RECEIVABLE
The District entered into operating lease agreements to lease certain buildings and
land owned by the District. The lease agreements qualify as other than short-term
leases under GASB Statement No. 87 and, therefore, this District has implemented
GASB Statement No. 87. As such, these lease agreements have been recorded at
the present value of the future minimum lease payments as of the date of their
inception. The leases receivable are measured at discount rates ranging from 1.48%
to 5.12%.
The future minimum lease rental income as of September 30, 2024 is as follows:
Years
Ending Lease
September 30 Receivable Interest Total
2025 182,854$ 67,270$ 250,124$
2026 187,563 59,507 247,070
2027 52,093 54,598 106,691
2028 47,085 53,593 100,678
2029 49,651 52,557 102,208
2030-2034 256,944 545,448 802,392
2035-2039 344,673 210,248 554,921
2040-2044 487,683 159,773 647,456
2045-2049 361,553 99,500 461,053
2050-2054 281,177 69,688 350,865
2055-2059 385,006 36,032 421,038
2060-2061 145,981 2,620 148,601
2,782,263$ 1,410,834$ 4,193,097$
Lease income recognized during the year ended September 30, 2024 was $167,202.
The current year lease revenue (and actual payments received) was $166,822 for the
year ended September 30, 2024, including interest income of $62,621.
The unamortized lease deferred inflow balance was $2,622,938 at September 30,
2024 and the remaining lease receivable (ROU) was $2,782,263 at September 30,
2024. The amortization of the lease receivable for the year ended September 30,
2024 was $167,202.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 40 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE F - CAPITAL ASSETS ACTIVITY
The following is a summary of changes in capital assets activity for the year ended
September 30, 2024:
Balance Balance
October 1 Increases/ Decreases/ Adjustments/ September 30
2023 Additions Retirements Reclassifications 2024
Capital Assets Not
Being Depreciated:
Land 12,823,117$ 1,569,546$ (1,358,190)$ -$ 13,034,473$
Construction in progress 1,300,898 60,000 (21,898) - 1,339,000
Equipment in Transit 1,188,300 - - - 1,188,300
Total Capital Assets Not
Being Depreciated 15,312,315 1,629,546 (1,380,088) - 15,561,773
Capital Assets
Being Depreciated:
Assets held under financing lease 5,265,867 - - - 5,265,867
Buildings 23,133,253 124,229 (95,778) - 23,161,704
Office equipment 1,411,628 163,923 (16,025) - 1,559,526
Vehicles 10,348,068 2,162,592 (1,021,027) - 11,489,633
Equipment & machinery 3,601,062 406,044 (207,377) - 3,799,729
Total Capital Assets
Being Depreciated 43,759,878 2,856,788 (1,340,207) - 45,276,459
Less Accumulated
Depreciation:
Assets held under financing lease (2,998,915) (604,999) - - (3,603,914)
Buildings (11,662,156) (900,285) 26,669 - (12,535,772)
Office equipment (1,174,768) (66,262) 9,085 - (1,231,945)
Vehicles (7,476,175) (609,791) 1,021,027 - (7,064,939)
Equipment & machinery (2,262,913) (306,070) 206,589 - (2,362,394)
Total Accumulated Depreciation (25,574,927) (2,487,407) 1,263,370 - (26,798,964)
Total Capital Assets being
Depreciated, Net 18,184,951 369,381 (76,837) - 18,477,495
Capital Assets, Net 33,497,266$ 1,998,927$ (1,456,925)$ -$ 34,039,268
(2,038,965)
Net investment in capital assets 32,000,303$
Related Debt
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 41 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE F - CAPITAL ASSETS ACTIVITY, CONTINUED
Depreciation expense was charged to the following functions during the year ended
September 30, 2024:
Amount
General Government
Total Depreciation Expense 2,487,407$
The District has financing assets held under financing leases with a total cost of
$5,265,867 at September 30, 2024. The financing assets held under financing lease has
accumulated depreciation of $3,603,914 and depreciation expense of $604,999
(included in total depreciation expense) for the year ended September 30, 2024.
NOTE G - LONG-TERM OBLIGATIONS
The following is a summary of changes in long-term obligations for the year ended
September 30, 2024:
Balance Retirements Balance Amounts
October 1 and September 30 Due Within
2023 Additions Adjustments 2024 One Year
Net OPEB Liability 11,365,910$ 2,133,002$ -$ 13,498,912$ -$
Net Pension Liability - FRS 6,347,256 - (809,700) 5,537,556 -
Net Pension Liability - HIS 2,001,474 - (240,417) 1,761,057 -
Net Pension Liability - FPT 25,998,114 - (9,522,646) 16,475,468 -
Financing Leases 2,923,542 - (884,577) 2,038,965 873,124
Compensated Absences 3,016,842 198,618 - 3,215,460 -
51,653,138$ 2,331,620$ (11,457,340)$ 42,527,418$ 873,124$
The following is a summary of long-term obligations at September 30, 2024:
Amount
Net OPEB liability - actuarially determined - GASB No. 75 13,498,912$
Net pension liability - FRS pension plan. This amount is actuarially determined
through calculation based upon the audited financial statements of the Florida FRS
Plan.5,537,556
Net pension liability - HIS plan. This amount is actuarially determined through
calculation based upon the audited financial statements of the Florida FRS Plan. 1,761,057
Net pension liability - Firefighters' Pension Trust (FPT) plan. This
amount is actuarially determined through calculation based upon the audited
financial statements of the FPT Plan.16,475,468
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 42 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE G - LONG-TERM OBLIGATIONS, CONTINUED
Amount
$1,106,574 financing lease payable dated December 28, 2020, for heart monitor
equipment to a financial institution over a 60 month period beginning December
28, 2020 and ending December 28, 2025, in equal monthly payments of $22,543 at 1.9%.
The lease is collateralized by the respective equipment. 286,568
$445,486 financing lease payable dated May 20, 2019, for radio equipment to a financial
institution over a 7 year period ending June 1, 2026, in equal annual payments of $77,900
at a 5.2% fixed interest rate. The lease is collateralized by the respective equipment. 144,183
$207,812 financing lease payable dated December 12, 2019, for six staff vehicles to a
financial institution over a 5 year period ending December 31, 2024, in equal monthly
payments of $3,918 at a 5.14% fixed interest rate. The lease is collateralized by the 7,786
respective equipment.
$2,546,268 financing lease payable dated January 15, 2016, for one (1) ladder truck and
three (3) pumper trucks payable to a financial institution in ten (10) annual payments of
$295,233 ending December 14, 2025, including interest at 2.822%. The lease is
collateralized by the respective trucks. 566,379
$183,476 financing lease payable dated April 6, 2022, with principal payments beginning
November, 2022, for a video conference / communications system payable to a financial
institution in three (3) annual payments of $61,159 ending November 6, 2024, including
interest at 0%. The lease is collateralized by the respective equipment. 61,158
$1,188,300 financing lease payable dated November 15, 2022, for an aerial truck to a
financial institution over a 5 year period ending November 15, 2027, in equal annual
payments of $273,838 including interest at 4.92% fixed interest rate. The lease is
collateralized by the respective aerial truck. 972,891
Non-current portion of compensated absences. Employees of the District are entitled to
paid vacation based on length of service and job classification. (Combined SDA) 3,215,460
42,527,418
Less Current Portion (873,124)
Long-Term Portion 41,654,294$
The annual debt service requirements at September 30, 2024, were as follows:
Financing Financing Financing Financing Financing Financing
Years Ending Leases Payable Leases Payable Leases Payable Leases Payable Leases Payable Leases Payable Total
September 30 Principal (1)Principal (1)Principal (1)Principal (1)Principal (1)Principal (1)Principal
2025 228,709$ 70,221$ 7,786$ 279,249$ 61,158$ 226,001$ 873,124$
2026 57,859 73,962 - 287,130 - 237,113 656,064
2027 - - - - - 248,772 248,772
2028 - - - - - 261,005 261,005
2029 - - - - - - -
286,568$ 144,183$ 7,786$ 566,379$ 61,158$ 972,891$ 2,038,965
Net OPEB Liability 13,498,912
Net Pension Liability - FRS 5,537,556
Net Pension Liability - HIS 1,761,057
Net Pension Liability - FPT 16,475,468
Compensated absences 3,215,460
Total long-term debt 42,527,418$
(1) Debt service paid through General Fund
(2) Debt service paid through Impact Fee Fund
Interest expense for the year ended September 30, 2024, was $102,741 including interest expense on financing
leases.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 43 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS
The following three retirement plans have been established by the District:
Plan 1 - Florida Retirement System (FRS) including HIS
Plan 2 - Firefighters' Pension Trust Fund (Florida Statute 175)
Plan 3 - 401(a) Plan
Employee participation in a specific plan is based on the respective employee's
original hire date.
General Information about the Florida Retirement System
The Florida Retirement System ("FRS") was created in Chapter 121, Florida
Statutes. The FRS was created to provide a defined benefit pension plan ("Pension
Plan") for participating public employees. All District employees are participants in
the Statewide Florida Retirement System (FRS) under authority of Article X, Section
14 of the State Constitution and Florida Statutes, Chapters 112 and 121. The FRS
was amended in 1998 to add the Deferred Retirement Option Program ("DROP")
under the defined benefit plan and amended in 2000 to provide an integrated defined
contribution plan alternative to the defined benefit plan for FRS members effective
July 1, 2002. This integrated defined contribution pension plan is the FRS Investment
Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance
Subsidy (HIS) Program, a separate cost-sharing, multiple-employer defined benefit
pension plan to assist retired members of any State-administered retirement system in
paying the costs of health insurance.
Essentially all regular employees of the District are eligible to enroll as members of the
State-administered FRS except those already participating in Plan 2. Provisions
relating to the FRS are established by Chapters 121 and 122, Florida Statutes;
Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and Florida
Retirement System Rules, Chapter 60S, Florida Administrative Code; wherein
eligibility, contributions, and benefits are defined and described in detail. Such
provisions may be amended at any time by further action from the Florida Legislature.
The FRS is a single retirement system administered by the Florida Department of
Management Services, Division of Retirement, and consists of two cost-sharing,
multiple-employer defined benefit plans (Pension and HIS Plans) and other
nonintegrated programs. A comprehensive annual financial report of the FRS, which
includes its financial statements, required supplementary information, actuarial report,
and other relevant information dated June 30, 2024, is available from the Florida
Department of Management Services' Website (www.dms.myflorida.com).
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 44 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
General Information about the Florida Retirement System, continued
The District's total FRS and HIS pension expense (credit) was $45,336 for the year
ended September 30, 2024, and is recorded in the government-wide financial
statements. Total District actual FRS and HIS retirement contribution expenditures
were $1,037,822, $982,522 and $879,863 for the years ended September 30,
2024, 2023 and 2022, respectively. The District contributed 100% of the required
contributions.
FRS Pension Plan
Plan Description. The FRS Pension Plan ("Plan") is a cost-sharing, multiple-
employer defined benefit pension plan, with a Deferred Retirement Option Program
(DROP) for eligible employees. The general classes of membership are as follows:
Regular Class - Members of the FRS who do not qualify for membership in the
other classes.
Senior Management Service Class (SMSC) - Members in senior management
level positions.
Special Risk Class - Members who are employed as certified firefighters and
meet the criteria to qualify for this class.
Elected Officials - Members who are elected by the voters within the District
boundaries.
Employees enrolled in the Plan prior to July 1, 2011, vest at six years of creditable
service and employees enrolled in the Plan on or after July 1, 2011, vest at eight
years of creditable service. All vested members, enrolled prior to July 1, 2011, are
eligible for normal retirement benefits at age 62 or at any age after 30 years of
service, except for those members classified as special risk who are eligible for
normal retirement benefits at age 55 and 6 years of service or at any age after 25
years of service. All members enrolled in the Plan on or after July 1, 2011, once
vested, are eligible for normal retirement benefits at age 65 or 8 years of service or
any time after 33 years of creditable service, except for members classified as special
risk who are eligible for normal retirement benefits at age 60 with 8 years of service
or at any age after 30 years of service. However, effective July 1, 2023, for special
risk who enrolled on or after July 1, 2011, normal retirement date changed to the
earlier of 25 years of creditable service or age 55 and 6 years of service. Members
of both Plans (Pension may include up to 4 years of credit for military service toward
creditable service.)
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 45 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
FRS Pension Plan, continued
The Plan also includes an early retirement provision; however, there is a benefit
reduction for each year a member retires before his or her normal retirement date.
The Plan provides retirement, disability, death benefits, and annual cost of living
adjustments to eligible participants.
DROP, subject to provisions of Section 121.091, Florida Statutes, permits
employees eligible for normal retirement under the Plan to defer receipt of monthly
benefit payments while continuing employment with an FRS employer. An employee
may elect to participate in DROP within twelve months of reaching normal retirement
date for a period not to exceed 60 months after electing to participate. Effective July
1, 2023, an employee may participate in DROP for a period not to exceed 96
months (8 years) after electing to participate except for certain instructional personnel
who can participate for 120 months. During the period of DROP participates,
deferred monthly benefits are held in the FRS trust fund and accrue interest. Interest
accrues at 4% on DROP accumulation held on or after July 1, 2023, and at 1.3%
prior. The net position liability does not include amounts for DROP participants, as
these members are considered retired and are not accruing additional pension
benefits. The restricted 12 month election window was removed. Participants may
elect to enter DROP at anytime after becoming fully vested and reaching normal
retirement age. During the period of DROP participation, deferred monthly benefits
are held in the FRS Trust Fund and accrue interest. The net pension liability does not
include amounts for DROP participants, as these members are considered retired and
are not accruing additional pension benefits.
Benefits Provided. Benefits under the Plan are computed on the basis of age,
and/or years of service, average final compensation, and credit service. Credit for
each year of service is expressed as a percentage of the average final compensation.
For members initially enrolled before July 1, 2011, the average final compensation is
the average of the five highest fiscal years' earnings; for the members initially enrolled
on or after July 1, 2011, the average final compensation is the average of the eight
highest fiscal years' earnings. The total percentage value of the benefit received is
determined by calculating the total value of all service, which is based on retirement
plan and/or the class to which the member belonged when the service credit was
earned. Members are eligible for in-line-of-duty or regular disability and survivors'
benefits. The following chart shows the percentage value of each year of service
credit earned:
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 46 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
FRS Pension Plan, continued
%Value
Regular Class and elected members initially enrolled before July 1, 2011
Retirement up to age 62, or up to 30 years of service 1.60
Retirement at age 63 or with 31 years of service 1.63
Retirement at age 64 or with 32 years of service 1.65
Retirement at age 65 or with 33 or more years of service 1.68
Regular Class and elected members initially enrolled on or after July 1, 2011
Retirement up to age 65 or up to 33 years of service 1.60
Retirement at age 66 or with 34 years of service 1.63
Retirement at age 67 or with 35 years of service 1.65
Retirement at age 68 or with 36 or more years of service 1.68
Special Risk Regular
Service from December 1, 1970 through September 30, 1974 2.00
Service on or after October 1, 1974 3.00
Senior Management Service Class 2.00
Elected Officers' Class 3.00
As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in
the FRS before July 1, 2011, and all service credit was accrued before July 1, 2011,
the annual cost-of-living adjustment is 3 percent per year. If the member is initially
enrolled before July 1, 2011, and has service credit on or after July 1, 2011, there is
an individually calculated cost-of-living adjustment. The annual cost-of-living
adjustment is a proportion of 3 percent determined by dividing the sum of the
pre-July 2011 service credit by the total service credit at retirement multiplied by 3
percent. Plan members initially enrolled on or after July 1, 2011, will not have a
cost-of-living adjustment after retirement.
Contributions. The Florida Legislature establishes contribution rates for
participating employers and employees. Contribution rates during the year ended
September 30, 2024 were as follows:
Employee Employer (2)Employer (3)
Florida Retirement System, Regular 3.00 13.63 13.57
Florida Retirement System, Senior Management Service 3.00 34.52 34.52
Florida Retirement System, Special Risk 3.00 32.79 32.67
Deferred Retirement Option Program - Applicable
to Members from All of the Above Classes 0.00 21.13 21.13
Florida Retirement System, Reemployed Retiree (2) N/A N/A
Florida Retirement System, Elected Official 3.00 58.68 58.68
Class (1)
Percent of Gross Salary*
Class, Initial Enrollment, and Retirement Age/Years of Service
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 47 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
FRS Pension Plan, continued
Notes:
(1) Contribution rates are dependent upon retirement class in which reemployed.
(2) Employer rates include 2.0 percent for the post employment health insurance subsidy. Also,
employer rates, other than for DROP participants, include .06 percent for administrative costs for
the Investment Plan. Rates for 7/1/24 - 6/30/25.
(3) Employer rates include 2.0 percent for the post employment health insurance subsidy. Also,
employer rates, other than for DROP participants, include .06 percent for administrative costs for
the Investment Plan. Rates for 7/1/23 - 6/30/24.
* As defined by the Plan.
Pension Liabilities, Pension Expense, Deferred Outflows of Resources
and Deferred Inflows of Resources Related to the Pension Plan. At
September 30, 2024, the District reported an FRS pension liability of $5,537,556
for its proportionate share of the net pension liability. The net pension liability was
measured as of June 30, 2024, and the total pension liability used to calculate
the net pension liability was determined by an actuarial valuation as of July 1, 2024.
The District's proportionate share of the net pension liability was based on the
District's 2023-24 fiscal year contributions relative to the total 2023-24 fiscal year
contributions of all participating members. At September 30, 2024, the District's
proportionate share was .014314588 percent, which was a decrease of .001614546
percent from its proportionate share measure as of September 30, 2023.
For the year ended September 30, 2024, the District recognized FRS pension
expense (credit) of $42,616. In addition, the District reported deferred outflows
of resources and deferred inflows of resources related to the pension from the
following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected
and actual experience 559,442$ -$
Change of assumptions 758,974 -
Net difference between projected and
actual earnings on pension plan investments - 368,055
Changes in proportion and differences between
District contributions and proportionate share
of contributions - 1,425,286
District contributions subsequent to the
measurement date 193,621 -
Total 1,512,037$ 1,793,341$
Description
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 48 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
FRS Pension Plan, continued
The deferred outflows of resources related to the FRS pension, totaling $193,621
resulting from District contributions subsequent to the measurement date, will be
recognized as a reduction on the net pension liability in the fiscal year ended
September 30, 2025. Other amounts reported as deferred outflows of resources
and deferred inflows of resources related to the pension will be recognized in pension
expense over the remaining service period of 5.3 years as follows:
Fiscal Years Ending
September 30 Amount
2025 (116,867)$
2026 (116,867)
2027 (116,867)
2028 (116,866)
2029 (24,853)
Thereafter 17,395
Total (474,925)$
Actuarial Assumptions. The total pension liability in the July 1, 2024, actuarial
valuation was determined using the following actuarial assumptions, applied to all
periods included in the measurement:
Valuation Date July 1, 2024
Measurement date June 30, 2024
Inflation 2.40 percent
Real payroll growth 1.1 percent
Salary increases 3.50 percent, average, including inflation
Investment rate of return 6.70 percent, net of pension plan
investment expense, including inflation
Actuarial cost method Individual entry age
Mortality rates were based on the Generational PUB-2010 with Projection Scale
MP-2021.
The actuarial assumptions used in the July 1, 2024, valuation were based on the
results of an actuarial experience study for the period July 1, 2018 through June 30,
2023.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 49 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
FRS Pension Plan, continued
The long-term expected rate of return on pension plan investments was not based on
historical returns, but instead is based on a forward-looking capital market economic
model. The allocation policy's description of each asset class was used to map the
target allocation to the asset classes shown below. Each asset class assumption is
based on a consistent set of underlying assumptions, and includes an adjustment for
the inflation assumption. The target allocation and best estimates of arithmetic and
geometric real rates of return for each major asset class are summarized in the
following table:
Compound
Annual Annual
Target Arithmetic (Geometric) Standard
Asset Class Allocation (1)Return Return Deviation
Cash 1.0% 3.3% 3.3% 1.1%
Fixed income 29.0% 5.7% 5.6% 3.9%
Global equity 45.0% 8.6% 7.0% 18.2%
Real estate (property) 12.0% 8.1% 6.8% 16.6%
Private equity 11.0% 12.4% 8.8% 28.4%
Strategic investments 2.0%6.6% 6.2% 8.7%
Total 100.0%
Assumed inflation - Mean 2.4% 1.5%
(1) As outlined in the Plan's investment policy
Money-weighted Rate of Return. The annual money-weighted rate of return on
FRS Pension Plan investments for the year ended June 30, 2024 was 10.33%.
Discount Rate. The discount rate used to measure the total pension liability
was 6.70 percent. The Plan's fiduciary net position was projected to be available to
make all projected future benefit payments of current active and inactive employees.
Therefore, the discount rate for calculating the total pension liability is equal to the
long-term expected rate of return.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 50 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
FRS Pension Plan, continued
Sensitivity of the District's Proportionate Share of the Net Pension Liability
to Changes in the Discount Rate. The following presents the District's
proportionate share of the net pension liability calculated using the discount rate of
6.70 percent which was reduced from 6.80%, as well as what the District's
proportionate share of the net pension liability would be if it were calculated using a
discount rate that is 1-percentage-point lower (5.70 percent) or 1-percentage-point
higher (7.70 percent) than the current rate:
1% Current 1%
Decrease Discount Rate Increase
(5.70%)(6.70%)(7.70%)
District's proportionate share of
the net pension liability 9,740,367$ 5,537,556$ 2,016,810$
Pension Plan Fiduciary Net Position. Detailed information about the pension plan's
fiduciary net position is available in the separately issued FRS Pension Plan and Other
State Administered Systems Comprehensive Annual Financial Report (FRS "CAFR")
dated June 30, 2024.
The FRS CAFR and actuarial reports may also be obtained by contacting the
Division of Retirement at:
Department of Management Services
Division of Retirement
Bureau of Research and Member Communications
P.O. Box 9000
Tallahassee, FL 32315-9000
850-488-5706 or toll free at 877-377-1737
http://www.dms.myflorida.com/workforce_operations/retirement/publications
Payables to the Pension Plan. At September 30, 2024, the District reported a
payable of $42,631 for the outstanding amount of contributions in the Pension Plan.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 51 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
HIS Plan
Plan Description. The Health Insurance Subsidy Plan ("HIS Plan") is a
cost-sharing multiple-employer defined benefit pension plan established under Section
112.363, Florida Statutes. The benefit is a monthly payment to assist retirees of
State-administered retirement systems in paying their health insurance costs and is
administered by the Division of Retirement within the Florida Department of
Management Services.
Benefits Provided. Prior to July 1, 2023, eligible retirees and beneficiaries received
a monthly HIS payment equal to the number of years of creditable service completed
at the time of retirement multiplied by $5. The payments are at least $30 but not more
than $150 per month, pursuant to Section 112.363, Florida Statutes. Subsequent to
July 1, 2023, eligible retirees and beneficiaries receive $7.50 for each year of service
monthly. Maximum benefit is $225 per month or $2,700 annually. To be eligible to
receive a HIS Plan benefit, a retiree under a State-administered retirement system
must provide proof of health insurance coverage, which can include Medicare.
Contributions. The HIS Plan is funded by required contributions from FRS
participating employers as set by the Florida Legislature. Employer contributions are a
percentage of gross compensation for all active FRS members. Prior to July 1, 2023,
the contribution rate was 1.66 percent of payroll pursuant to Section 112.363, Florida
Statutes. Subsequent to July 1, 2023, the rate was 2.00%. The District contributed
100 percent of its statutorily required contributions for the current and preceding three
years. HIS Plan contributions are deposited in a separate trust fund from which HIS
payments are authorized. HIS Plan benefits are not guaranteed and are subject to
annual legislative appropriation. In the event the legislative appropriation or available
funds fail to provide full subsidy benefits to all participants, benefits may be reduced or
cancelled.
Pension Liabilities, Pension Expense, Deferred Outflows of Resources
and Deferred Inflows of Resources Related to the HIS Plan. At September
30, 2024, the District reported a HIS liability of $1,761,057 for its proportionate
share of the net HIS Plan's net pension liability. The net pension liability was measured
as of June 30, 2024, and the total pension liability was used to calculate the net
pension liability determined by an actuarial valuation as of July 1, 2024. The District's
proportionate share of the net HIS liability was based on the District's 2023-24 fiscal
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 52 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
HIS Plan, continued
year contributions relative to the total 2023-24 fiscal year contributions of all
participating members. At September 30, 2024, the District's proportionate share
was .011739615 percent, which was a decrease of .000863067 percent from its
proportionate share measured as of September 30, 2023.
For the fiscal year ended September 30, 2024, the District recognized HIS expense
(credit) of $2,720. In addition, the District reported deferred outflows of resources
and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected
and actual experience 17,004$ 3,381$
Change of assumptions 31,167 208,487
Net difference between projected and actual
earnings on HIS pension plan investments - 637
Changes in proportion and differences between
District HIS contributions and proportionate
share of HIS contributions 1,870 363,394
District contributions subsequent to the
measurement date 23,348 -
Total 73,389$ 575,899$
The deferred outflows of resources related to HIS, totaling $23,348 resulting from
District contributions subsequent to the measurement date, will be recognized as a
reduction on the net pension liability in the year ended September 30, 2025. Other
amounts reported as deferred outflows of resources and deferred inflows of
resources related to pensions will be recognized in pension expense over the
remaining service period of 6.3 years as follows:
Amount
(99,257)$
(99,257)
(99,257)
(99,258)
(99,098)
(29,731)
(525,858)$
Description
Fiscal Years Ending
September 30
2025
Total
2026
2027
2028
Thereafter
2029
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 53 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
HIS Plan, continued
Actuarial Assumptions. The total pension liability in the July 1, 2024, actuarial
valuation was determined using the following actuarial assumptions, applied to all
periods included in the measurement:
Inflation 2.40 percent
Real Payroll Growth 1.1 percent
Salary Increases 3.50 percent, average, including inflation
Municipal Bond Rate 3.93 percent
Actuarial Cost Method Individual entry age
Mortality rates were based on the Generational PUB-2010 with Projected Scale
MP-2021.
Because the HIS Plan is funded on a pay-as-you-go basis, no experience study has
been completed for the Plan.
Discount Rate. The discount rate used to measure the total HIS liability was
increased from 3.65 % to 3.93%. In general, the discount rate for calculating the total
HIS liability is equal to the single rate equivalent to discounting at the long-term
expected rate of return for benefit payments prior to the projected depletion date.
Because the HIS benefit is essentially funded on a pay-as-you-go basis, the depletion
date is considered to be immediate, and the single equivalent discount rate is equal to
the municipal bond rate selected by the plan sponsor. The Bond Buyer General
Obligation 20-Bond Municipal Bond Index was adopted as the applicable municipal
bond index.
Sensitivity of the District's Proportionate Share of the Net HIS Liability
to Changes in the Discount Rate. The following presents the District's
proportionate share of the net HIS liability calculated using the discount rate of
3.93 percent, as well as what the District's proportionate share of the net HIS
liability would be if it were calculated using a discount rate that is 1-percentage-point
lower (2.93 percent) or 1-percentage-point higher (4.93 percent) than the current
rate:
1% Current 1%
Decrease Discount Rate Increase
(2.93%)(3.93%)(4.93%)
District's proportionate share of
the net HIS liability 2,004,737$ 1,761,057$ 1,558,763$
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 54 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
HIS Plan, continued
Pension Plan Fiduciary Net Position. Detailed information about the HIS plan's
fiduciary net position is available in the separately issued FRS Pension Plan and Other
State Administered Annual Comprehensive Financial Report (FRS "ACFR") dated
June 30, 2024.
The FRS ACFR and actuarial reports may also be obtained by contacting the
Division of Retirement at:
Department of Management Services
Division of Retirement
Bureau of Research and Member Communications
P.O. Box 9000
Tallahassee, FL 32315-9000
850-488-5706 or toll free at 877-377-1737
http://www.dms.myflorida.com/workforce_operations/retirement/publications
Payables to the Pension Plan. At September 30, 2024, the District reported a
payable of $2,721 for the outstanding amount of contributions to the HIS plan.
FRS - Defined Contribution Pension Plan
The SBA administers the defined contribution plan officially titled the FRS Investment
Plan (Investment Plan). The Investment Plan is reported in the SBA's annual financial
statements and in the State of Florida Comprehensive Annual Financial Report.
As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect
to participate in the Investment Plan in lieu of the FRS defined benefit plan. District
employees participating in DROP are not eligible to participate in the Investment
Plan. Employer and employee contributions, including amounts contributed to
individual member's accounts, are defined by law, but the ultimate benefit depends in
part on the performance of investment funds. Benefit terms, including contribution
requirements, for the Investment Plan are established and may be amended by the
Florida Legislature. The Investment Plan is funded with the same employer and
employee contribution rates that are based on salary and membership class (Regular
Class, Elected County Officers, etc.) as the FRS defined benefit plan. Contributions
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 55 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
FRS - Defined Contribution Pension Plan, continued
are directed to individual member accounts, and the individual members allocate
contributions and account balances among various approved investment choices.
Costs of administering the plan, including FRS Financial Guidance Program, are
funded through an employer contribution of 0.06 percent of payroll and by forfeited
benefits of plan members. Allocations to the investment member's accounts during
the 2023-24 fiscal year were as follows:
Employee Employer (2)Employer (3)
Florida Retirement System, Regular 3.00 8.30 8.30
Florida Retirement System, Senior Management Service 3.00 9.67 9.67
Florida Retirement System, Special Risk 3.00 16.0 16.00
Florida Retirement System, Elected Official 3.00 13.34 13.34
Notes:
(1) Contribution rates are dependent upon retirement class in which reemployed.
(2) Employer rates include 2.0 percent for the post employment health insurance subsidy. Also,
employer rates, other than for DROP participants, include .06 percent for administrative costs for
the Investment Plan. Rates for 7/1/24 - 6/30/25.
(3) Employer rates include 2.0 percent for the post employment health insurance subsidy. Also,
employer rates, other than for DROP participants, include .06 percent for administrative costs for
the Investment Plan. Rates for 7/1/23 - 6/30/24.
* As defined by the Plan.
Effective July 1, 2023, employer contribution rates increased by 2% in all
membership classes.
For all membership classes, employees are immediately vested in their own
contributions and are vested after 1 year of service for employer contributions and
investment earnings. If an accumulated benefit obligation for service credit originally
earned under the FRS Pension Plan is transferred to the Investment Plan, the member
must have the years of service required for FRS Pension Plan vesting (including the
service credit represented by the transferred funds) to be vested for these funds and
the earnings on the funds. Nonvested employer contributions are placed in a suspense
account for up to 5 years. If the employee returns to FRS-covered employment
within the 5-year period, the employee will regain control over their account. If the
employee does not return within the 5 year period, the employee will forfeit the
accumulated account balance. For the fiscal year ended September 30, 2023, the
information for the amount of forfeitures was unavailable from the SBA; however,
management believes that these amounts, if any, would be immaterial to the District.
Class (1)
Percent of Gross Salary*
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 56 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
FRS - Defined Contribution Pension Plan, continued
After termination and applying to receive benefits, the member may rollover vested
funds to another qualified plan, structure a periodic payment under the Investment
Plan, receive a lump-sum distribution, leave the funds invested for future distribution,
or any combination of these options. Disability coverage is provided; the member
may either transfer the account balance to the FRS Pension Plan when approved for
disability retirement to receive guaranteed lifetime monthly benefits under the FRS
Pension Plan, or remain in the Investment Plan and rely upon that account balance for
retirement income.
The District's Investment Plan pension expense included within the FRS expense
totaled $221,589 for the year ended September 30, 2024.
Payables to the Investment Plan. At September 30, 2024, the District reported a
payable of $0 for the outstanding amount of contributions to the Plan.
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund
The following brief description of the North Collier Fire Control and Rescue District
Firefighters' Pension Plan (originally known as the North Naples Firefighters' Pension
Plan) (the "Plan") is provided for general information purposes only. The Plan's name
changed effective January 1, 2015, with the District's merger. Participants should refer
to the Plan agreement for a more complete description of the Plan. On July 11, 1996,
under the authority of Florida Statute 175 and Laws of Florida, Chapter 95-338, the
District's Board of Commissioners passed Resolutions 96-004 and 96-005, providing
for the establishment and funding of a single employer defined benefit retirement plan
and trust for newly hired fire suppression personnel effective January 1, 1996. The
resolutions establish that certified firefighters hired on or after January 1, 1996, are to
become participants in the District's Firefighters' Pension Trust ( FPT) Fund. The Plan
is totally administered, including all investment management, by a third party
administrator and the Plan's appointed 5 member Pension Board of Trustees.
Effective October 1, 2011, employee participants were required to contribute 3%
(similar to FRS) of compensation (an increase from .5% of compensation) per
Resolution 11-031. Effective January 1, 2019, employee participants are required to
contribute 8.48% of their compensation to the Plan. Effective January 26, 2023,
Resolution 23-002 was adopted, which implemented an increase in the benefit
multiplier and a decrease in member contribution rate to 7.48%.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 57 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
Effective January 1, 2015, employees of the Big Corkscrew Island (BCI) Fire
District merged with those of North Naples Fire District. As such, five employees of
BCI joined Plan 2, the Firefighters' Pension Trust Fund.
During the year ended September 30, 2015, the District adopted Governmental
Accounting Standards Board Statement No. 68 "Accounting and Financial Reporting
for Pensions" (GASB 68). As such, the Plan's beginning net position was restated
and the net pension liability was recorded in the government-wide financial
statements.
During the years ended September 30, 2024, 2023 and 2022 there were employee
contributions in the amount of $1,412,456, $1,439,939 and $1,356,739,
respectively, to the Plan. The employer contributed 100% of its required
contributions.
The Plan provides for full-time firefighting personnel to become eligible to participate
in the Plan immediately upon hire. Under District resolution 96-005, the District
elected to pay the 0.5% (1% prior to December 9, 2004) employee required
contribution on behalf of the employee. Effective December 9, 2004, the employee
contribution was reduced to 0.5% (employee pick up). Effective July 1, 2001 (per
resolution 01-01), benefits under the Plan vest after six years of creditable service.
Employees who elect normal retirement at or after age 55 with 6 years of creditable
service, or 25 years of service regardless of age, are entitled to a retirement benefit.
Members hired after December 31, 2014, normal retirement is the earlier of age 55
and 10 years of service or 25 years of service regardless of age. Effective October 1,
2011, required employee contributions increased to 3% of compensation. Effective
January 26, 2023, Resolution 23-002 was adopted, which implemented an increase
in the benefit multiplier to 3.53% and a decrease in the member contribution rate from
8.48% to 7.48% effective October 1, 2022, and then effective October 1, 2023, a
7.00% member contribution. Employees may elect early retirement after 6 years of
creditable service with a reduction in benefit for each year before normal retirement.
The Plan also includes certain disability and death benefits.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 58 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
Contributions - Contributions to the Plan are derived from three sources:
the Plan's participants are required to contribute to the Plan in the amount of 3% of
their covered wages and pursuant to resolution 11-031 the District has elected to
increase the affected employees' salary by 0.5% (employer pick-up), State funds (fire
[hazard] insurance premium excise tax per Florida Statute Chapter 175) and
employer (remaining amount necessary to meet actuarial requirement). For the
period from January 1, 1996 through September 30, 1996, no employer
contributions were required. Employer contributions were required beginning
October 1, 1996. The State contributions under Chapter 175 began in June 1997.
This revenue is based on property hazard insurance premium excise tax paid within
the District and is applied up to an approved "frozen" limit of $1,746,716. The
District (employer) is required to fund the difference each year between the total
contributions from all other sources for the year and the total cost for the year
pursuant to the most recent actuarial valuation of the Plan. The total cost for any year
equals total normal cost plus the additional amounts sufficient to amortize the
unfunded past service liability over a 30 year period commencing the first year of the
Plan's inception.
Effective January 1, 2019, Resolution 18-031 was adopted, which implemented an
increase in the benefit multiplier to 3.53% for all years of service for all active
members and an increase in the member contribution rate to 8.48% (3.0% prior to
January 1, 2019). The District shall pay 0.5% of the member contributions. Effective
January 26, 2023, Resolution 23-002 was adopted, which implemented a decrease
in the member contribution rate to 7.48% effective October 1, 2022, then to 7.00%
effective October 1, 2023.
Pursuant to Florida law, the District is ultimately responsible for making sure the Plan
remains actuarially sound. Therefore, each year, the District must contribute an
amount determined by the Board in conjunction with their actuary to be sufficient,
along with the participant's contribution and the State contribution, to fund the
benefits under the Plan. The employer's contribution will vary from year to year.
Pursuant to Chapter 175, Florida Statutes, the District imposed a 1.85% excise tax
on property hazard insurance premiums paid to insure real or personal property
within the District. The proceeds of this tax are contributed to this Plan as are the
District's contribution.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 59 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
Pursuant to the actuarial study dated October 1, 2023 for the year ended September
30, 2024, the District's contribution (District only) requirement was 48% of the
actuarially determined covered payroll. Actual District contributions to the Plan for
the years ended September 30, 2024, 2023 and 2022, were $7,939,423,
$4,369,709 and $3,706,614, respectively. The State contributions (excise tax) for
the years ended September 30, 2024, 2023 and 2022 were $3,336,634,
$2,622,080 and $2,181,362, respectively. Employees contributed (3% prior to
January 1, 2019 and 8.48% after December 31, 2018. Effective October 1, 2022,
Resolution 23-002 was adopted, which implemented a decrease in the member
contribution rate to 7.48% and effective October 1, 2023, to 7.00%.) $1,412,456,
$1,439,939 and $1,356,739 to the Plan for the years ended September 30, 2024,
2023 and 2022, respectively. At September 30, 2024, the Plan's total net position
was restricted for retiree benefits.
Payables to the Pension Plan. At September 30, 2024, the District reported a
payable of $112,333 for the outstanding amount of contributions payable to the
pension plan.
Pension Benefits - Effective July 1, 2001, employees with 6 or more years of
service are entitled to monthly pension benefits, beginning at the earlier of age 55 with
6 years of credited service or 25 years credited service regardless of age. Members
hired after December 31, 2014, normal retirement is the earlier age of 55 and 10
years of service or 25 years regardless of age. Benefit is equal to 3.53% of their
average final compensation (AFC) times credited service plus 3% of average final
compensation times credited service on and after October 1, 2013. Effective
January 1, 2021, the multiplier increased to 3.53% for all years for all participants.
AFC means the average of the highest five (5) years within the last ten (10) years of
service. Maximum benefit is 100% of AFC. The Plan permits early retirement with 6
years (10 years prior to July 2, 2001) of credited service. Members hired after
December 31, 2014, must have 10 years of credited service to qualify for early
retirement. Employees may elect to receive their pension benefits in the form of a 10
year certain and life annuity. If employees terminate before rendering 10 years of
credited service, they forfeit the right to receive the portion of their accumulated Plan
benefits.
All retirement benefits are annually increased for cost of living at 3%.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 60 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
Death and Disability Benefits - Upon the death of any vested member,
whether or not still in active employment, a survivor benefit is payable to the
beneficiary starting when the member would have reached retirement age. The
benefit is equal to the vested pension benefit and is payable for 10 years. The
Minimum line of duty death benefit is 50% of the participant's salary, which is
payable either to the participant's spouse or minor children. This line of duty death
benefit is payable to the spouse for life, or to age 18 for the children.
Effective July 1, 2019, and in accordance with Chapter 2019-21, Laws of Florida,
the Plan must consider a firefighter to have died in the line of duty if he or she dies as
a result of cancer or circumstances that arise out of the treatment of cancer.
Employees who become totally disabled receive the greater of the accrued pension
benefit or 25% of AFC, if non-service incurred, or 42% of AFC, if active service
incurred. Effective December 9, 2004, the active service related benefit was
increased to 65%.
Effective July 1, 2019, and in accordance with Chapter 2019-21, Laws of Florida,
the Plan must consider a firefighter totally and permanently disabled in the line of duty
if he or she meets the Plan's definition of totally and permanently disabled due to the
diagnosis of cancer or circumstances that arise out of the treatment of cancer.
Supplemental Benefits - Effective December 31, 2004, each service and
disability retiree and their joint pensioners or beneficiaries and vested terminated
members shall receive a supplemental payment to be used as a health insurance
subsidy payment. The amount shall be five dollars ($5) for each full year of credited
service for life. The maximum monthly supplement is one hundred fifty dollars ($150)
and the minimum thirty dollars ($30).
DROP - Effective December 12, 2013, Resolution 13-034 was adopted, which
established a Deferred Retirement Option Plan ("DROP"). An "eligible participant" of
the pension plan, which is defined as an individual currently on full-time work status,
may elect to participate in the DROP on the first day of the month coincident with or
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 61 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
next following either, attainment of age fifty-five (55) and the completion of ten (10)
years of credited service, or the completion of twenty-five (25) years of credited
service, which date shall constitute the "initial date of eligibility". An eligible
participant electing to participate in DROP must complete and execute such forms as
may be required by the District and supplied by the Board of Trustees not less than
thirty (30) days prior to entering the DROP. The forms shall include, but not limited
to, an irrevocable letter of resignation effective no later than the conclusion of the
maximum period of DROP participation. Election into the DROP is irrevocable
provided there shall be no minimum period of participation; however in the event of a
voluntary termination prior to the maximum period, any DROP participant termination
prior to such maximum DROP period shall submit a written notice at least thirty (30)
days prior to such early termination of DROP participation.
An eligible participant may elect to participate in the DROP only once. After
commencement of participation in DROP, a participant shall no longer earn, accrue or
purchase additional service credits towards retirement benefits or later enhancements
to the firefighters' pension plan.
Upon the effective date of an eligible participant's participation in DROP, all
contributions by and on behalf of the participant to the plan shall be discontinued. For
all plan purposes, service and vesting credits of an eligible participant electing DROP
shall be fixed as of the effective date of commencement of DROP participation. Any
services as a firefighter after entry into DROP shall not be used for calculation or
determination of benefits payable by the pension plan. The average final
compensation of a participant, as defined in this plan shall be determined as of the
effective date of commencement of DROP participation and other subsequent
earnings shall not be used for calculation or determination of benefits payable by the
pension plan.
Income Recognition - Interest income is recorded on the accrual basis. Investments
are reported at market value. Short-term investments are reported at cost, which
approximates market value.
Actuarial Present Value of Accumulated Plan Benefits - Accumulated plan
benefits are those future periodic payments, including lump-sum distributions, that
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 62 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
are attributable under the Plan's provisions to the service employees have rendered.
Accumulated plan benefits include benefits expected to be paid to (a) retired or
terminated employees or their beneficiaries, (b) beneficiaries of employees who have
died, and (c) present employees or their beneficiaries. Benefits under the Plan are
based on employees' age at entry to the Plan and are based upon the current starting
salary for firefighters at entry level. Benefits payable under all circumstances,
retirement, death, disability and termination of employment, are included, to the
extent they are deemed attributable to employee service rendered to the valuation
date.
The actuarial present value of accumulated plan benefits is determined by an actuary
and is the amount that results from applying actuarial assumptions to adjust the
accumulated plan benefits to reflect the time value of money (through discounts for
interest) and the probability of payment (by means of decrements such as for death,
disability, withdrawal, or retirement) between the valuation date and the expected
date of payment. The significant actuarial assumptions used in the valuations as of
October 1, 2021 were (a) life expectancy of participants - MP 2018 (combined
healthy, sex distinct) Mortality Table was used, (b) retirement age assumptions (the
assumed average retirement age was 55), (c) annual investment return of 7.0% (net
of fees) and (d) the rate of inflation at 2.5%. The actuarial valuation reflected
assumed average rates of return of 7.0% (net of fees). The foregoing actuarial
assumptions are based on the presumption that the Plan will continue. If the Plan
terminated, different actuarial assumptions and other factors might be applicable in
determining the actuarial present value of accumulated plan benefits.
Payment of Benefits - Benefit payments to participants are recorded upon
distribution. The District contributed 100% of the required contributions. A summary
of certain Plan details and trend information is included below.
A copy of the Plan and Plan audit as of and for September 30, 2024, can be
obtained by writing to the District at 1885 Veterans Park Drive, Naples, Florida
34109-0492, or by calling (239) 597-3222.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 63 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
The following is a summary of the Single-Employer Defined Benefit Pension Plan
(Florida Statutes Chapter #175), including funding policies, contribution methods,
benefit provisions and trend information:
Firefighters' Pension
Trust Fund - Plan 2
Year established and governing authority District Resolution 96- 004 (July 11, 1996)
Governing body Board of Trustees of Plan
Determination of contribution requirements: Actuarially determined
Employer (District) Amount required in excess of Member and
applicable State contributions needed in
order to pay current costs and amortize any
unfunded past service cost over 30 years
Plan members 3.0% of covered payroll - prior to 1/1/19
8.48% of covered payroll - after 12/31/18
7.48% of covered payroll - after 10/1/22
7.00% of covered payroll - after 10/1/23
Funding of administrative costs: Employer
Period required to vest 10 years
Annual salary increase Graduated Scale based on Credited Service (see below)
Post retirement benefit increase Cost of living increase of 3% each year
Eligibility for distribution Earlier of 55 with 6 yeares of credited service or 10 years of
credited service if hired after December 31, 2014, or
(Normal retirement) 25 years credited service regardless of age
Provisions for:
Disability benefits Yes
Death benefits Yes
Early retirement Yes
Assumed inflation 2.5%
Actuarial assumption/method changes since
prior valuation:
Actuarial Cost Method Entry Age Normal actuarial cost method
Amortization Method New UAAL - amortized over 15 years
Remaining Amortization Period 15 years (as of 10/1/23)
Net-of-Fees Investment Return 7.00%
Annual Salary Increase Service based
Actuarial valuation date October 1, 2023
Measurement date September 30, 2024
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 64 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
Net Pension Liability of the Fund - The components of the actuarially determined
net pension liability of the District at September 30, 2024 were as follows:
Amount
Total pension liability 178,756,952$
Plan fiduciary net position (162,281,484)
District's net pension liability 16,475,468$
Plan fiduciary net position as a percentage of the
total pension liability 90.78%
The total pension liability was determined by an actuarial valuation as of October 1,
2023 and rolled forward to the measurement date of September 30, 2024 using certain
actuarial assumptions, the most significant of which were 7.0 percent for the investment
rate of return (net of fees), projected salary increases are service based and 2.5 percent
for inflation.
Mortality rates were based on the PUB 2010 MP-2018 Combined Healthy Mortality
Table. Disabled lives are set forward two years for females and set back four years for
males.
The Plan's policy with regards to the allocation of invested assets is established and may
be amended by the Pension Board. Plan assets are managed on a total return basis with
a long-term objective of achieving and maintaining a fully funded status for the benefits
provided through the Plan. The investment policy was last amended in April 2020. The
following table summarizes the Board's adopted allocation policy and the long-term
expected real rates of return for each major asset class:
Long-Term
Target Actual Expected Real
Asset Class Allocation Allocation Rate of Return*
Domestic equities 45% 48.20% 7.5%
International equities 15% 15.47% 8.5%
Broad market fixed income 15% 14.23% 2.5%
Global international fixed income 5% 5.73% 3.5%
Global tactical asset/infrastructure 10% 7.63% 3.5%
Real estate 10% 6.39% 4.5%
Cash and cash equivalents minimal 2.35%not available
* annual arithmetic return 100%100%
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 65 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
The long-term expected rate of return on Plan assets was determined using a
building-block method in which best-estimate ranges of expected future real rates of
return (expected returns, net of Plan investment expense and inflation) are developed
for each major asset class. These ranges are combined to produce the long-term
expected rate of return by weighting the expected future real rates of return by the
target asset allocation percentage and by adding expected inflation.
Discount Rate. The discount rate used to measure the total pension liability was 7.0
percent. The projection of cash flows used to determine the discount rate assumed
that plan participant contributions will be made at the current contribution rate and
that District contributions will be made at rates equal to the difference between
actuarially determined contribution rates and the participant rate. Based on those
assumptions, the Plan's fiduciary net position was projected to be available to make
all projected future benefit payments of current plan participants. Therefore, the
long-term expected rate of return on Plan investments was applied to all periods of
projected benefit payments to determine the total pension liability.
Rate of Return Sensitivity. The sensitivity of the net pension liability to changes in
the discount rate was measured as follows. The net pension liability of the District
was calculated using the discount rate of 7.0 percent. It was also calculated using a
discount rate that was 1-percentage-point lower (6.0 percent) and
1-percentage-point higher (8.0 percent) than the current rate:
1% Current 1%
Decrease Discount Rate Increase
6.0%7.0%8.0%
Net pension liability (asset) 43,272,136$ 16,475,468$ (5,234,576)$
Rate of return for the years ended September 30, 2024, 2023 and 2022, were
18.17%, 9.07% and (15.85%), respectively.
Deferred Inflows/Outflows of Resources Related to Pensions
On September 30, 2024, the District reported deferred outflows of resources and
deferred inflows of resources related to pensions from the following sources:
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 66 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and
actual experience 2,045,669$ 2,762,562$
Change of assumptions 3,863,071 -
Net difference between projected and actual
earnings on plan investments 10,156,886 -
Contributions subsequent to the measurement date 11,276,057 -
27,341,683$ 2,762,562$
For the year ended September 30, 2024, the District recognized pension expense of
$11,625,408 related to this Plan.
The deferred outflows of resources related to the pension, resulting from District
contributions subsequent to the measurement date, will be recognized as a
reduction on the net pension liability in the fiscal year ended September 30, 2025.
Other amounts reported as deferred outflows of resources and deferred inflows
of resources related to the pension will be recognized in pension expense as follows:
Years Ending
September 30 Amount
2025 3,398,550$
2026 3,433,632
2027 6,169,291
2028 (334,133)
2029 136,936
Thereafter 498,788
Total 13,303,064$
Memberships of the Plan consisted of the following at October 1, 2024:
Firefighters' Pension
Trust Fund - Plan 2
Active plan members 199
Inactive plan members or beneficiaries currently receiving benefits 43
Inactive plan members entitled to but not yet receiving benefits 18
Total 260
Number of participating employers 1
Number of participating state agencies 1
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 67 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
The following is a schedule of changes in net pension liability for the fiscal year ended
September 30, 2024:
Increase (Decrease)
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability (Asset)
Balances at September 30, 2023 154,909,381$ 128,911,267$ 25,998,114$
Changes for the fiscal year:
Service cost 7,424,520 - 7,424,520
Interest 11,117,371 - 11,117,371
Differences between expected and
actual experience 7,451,113 - 7,451,113
Changes of assumptions - - -
Changes in benefit terms - - -
Adjustment* - - -
Contributions - Employer - 7,939,423 (7,939,423)
Contributions - State 1,589,918 3,336,634 (1,746,716)
Contributions - Employee - 1,412,456 (1,412,456)
Contributions - Buy Back 10,457 10,457 -
Net investment income - 24,561,872 (24,561,872)
Benefit payments, including refunds
of employee contributions (3,745,808) (3,745,808) -
Administrative expense - (144,817) 144,817
Net changes 23,847,571 33,370,217 (9,522,646)
Balances at September 30, 2024 178,756,952$ 162,281,484$ 16,475,468$
* Adjustment per actuary
Annual Pension Cost, Net Pension Obligation and Reserves
Current year annual pension costs for the Firefighters' Pension Trust Fund are shown
in the trend information provided. The Firefighters' Pension Trust Fund had a net
unfunded actuarial accrued liability (asset) at October 1, 2024 of $16,475,468.
The Plan assets are legally reserved for the payment of the respective plan member
benefits within the Plan. There are no assets legally restricted for plan benefits other
than these assets within the Plan. The Firefighters' Pension Trust Fund held certain
investments at year end.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 68 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
Trend Information
Total (1)
Required Net
Annual District State State Pension
Fiscal Pension Required (2) Required Frozen Actual Percentage Obligation
Year Contribution Contribution Contribution Contribution Contribution Contributed (NPO)
2024 9,425,118$ 9,425,118$ 1,746,716$ 1,746,546$ 9,686,139$ 103% -
2023 6,006,163$ 6,006,163$ 1,746,716$ 1,746,716$ 6,006,163$ 100% -
2022 5,308,566$ 3,561,850$ 1,746,716$ 1,746,716$ 5,308,566$ 100% -
2021 5,225,679$ 3,606,617$ 1,891,478$ 1,746,716$ 5,225,679$ 100% -
2020 4,112,124$ 2,306,381$ 1,805,743$ 1,746,716$ 4,112,124$ 100% -
2019 4,643,465$ 2,769,139$ 1,874,326$ 1,746,716$ 5,180,761$ 112% -
2018 4,732,018$ 2,990,030$ 1,741,988$ 1,746,716$ 4,732,018$ 100% -
2017 4,302,560$ 2,933,393$ 1,369,167$ 1,746,716$ 4,302,560$ 100% -
2016 3,146,984$ 1,735,437$ 1,411,547$ 1,746,716$ 3,146,984$ 100% -
2015 2,594,733$ 1,107,133$ 1,487,600$ 1,746,716$ 2,594,733$ 100% -
2014 2,896,024$ 1,518,926$ 1,377,098$ 1,746,716$ 2,896,024$ 100% -
2013 3,386,733$ 2,127,828$ 1,314,064$ 1,746,716$ 3,441,892$ 102% -
2012 3,283,811$ 2,166,246$ 1,214,214$ 1,746,716$ 3,380,454$ 103% -
2011 3,473,598$ 2,333,799$ 1,139,799$ 1,746,716$ 3,626,125$ 104% -
2010 3,190,997$ 2,170,443$ 1,020,554$ 1,746,716$ 3,200,901$ 100% -
2009 2,796,158$ 1,756,228$ 1,039,931$ 1,746,716$ 3,079,738$ 110% -
2008 2,211,933$ 1,009,715$ 1,485,798$ 1,485,798$ 2,495,513$ 113% -
(1) The District considers its annual pension cost to be its actuarially determined required
annual pension contribution including the employer and state contribution. Fy 2018
required contribution reduced by $0 excess State money reserve.
(2) For 2022 the District's contributions of $3,706,614 including payment of $144,764 for the prior year shortfall.
Pension Trust Required Supplementary Information
Schedule of Funding Progress Firefighters' Pension Trust Fund:
Unfunded
Actuarial Actuarial Actuarial UAAL as
Value of Accrued Accrued Annual a % of
Actuarial Assets ** Liability (AAL) Liability Funded Covered Covered
Valuation (AVA) -Entry Age (UAAL) Ratio Payroll Payroll
Date (a)(b)(b-a)(a/b)(c)(b-a)/c
10/01/24 162,281,484$ 178,756,952$ 16,475,468$ 90.8% 20,177,944$ 81.7%
10/01/23 128,911,267$ 154,909,381$ 25,998,114$ 83.2% 19,250,524$ 135.1%
10/01/22 112,896,854$ 140,921,798$ 28,024,944$ 80.1% 15,999,295$ 175.2%
10/01/21 128,642,432$ 127,923,010$ (719,422)$ 100.6% 15,825,800$ -4.5%
10/01/20 102,099,091$ 111,187,786$ 9,088,695$ 91.8% 14,829,151$ 61.3%
10/01/19 88,893,030$ 98,664,952$ 9,771,922$ 90.1% 14,434,146$ 67.7%
10/01/18 80,928,687$ 84,102,348$ 3,173,661$ 96.2% 13,739,853$ 23.1%
10/01/17 70,747,813$ 73,738,012$ 2,990,199$ 95.9% 13,771,976$ 21.7%
10/01/16 58,512,948$ 61,707,055$ 3,194,107$ 94.8% 11,890,295$ 26.9%
10/01/15 51,534,195$ 51,541,750$ 7,555$ 100.0% 9,671,942$ 0.1%
10/01/14 49,189,571$ 47,467,581$ (1,721,990)$ 103.6% 8,770,495$ -19.6%
10/01/13 42,143,137$ 41,366,768$ (776,369)$ 101.9% 9,092,235$ -8.5%
10/01/12 33,983,491$ 33,924,855$ (58,636)$ 100.2% 8,254,150$ -0.7%
10/01/11 26,196,164$ 26,153,965$ (42,199)$ 100.2% 8,291,830$ -0.5%
10/01/10 22,990,534$ 23,284,830$ 294,296$ 98.7% 7,737,940$ 3.8%
10/01/09 17,833,111$ 18,108,267$ 275,156$ 98.5% 7,522,834$ 3.7%
10/01/08 16,719,426$ 16,890,153$ 170,727$ 99.0% 7,082,194$ 2.4%
** reflected by actuary as Plan Fiduciary Net Position
Firefighters' Pension Trust Fund
Contributions
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 69 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 2 - Plan Description and Provisions - Firefighters' Pension Trust Fund,
continued
Firefighters' Pension
Trust Fund
Valuation date 10/01/23
Actuarial cost method Entry Age Normal
Amortization method New UAAL -amortized over 15 years
Mortality table PUB 2010 MP-2018 Combined Healthy
Remaining amortization period 15 years (as of 10/1/22)
Actuarial asset valuation method Fair value net of investment expense
Actuarial assumptions:
Investment rate 7.0% (net of fees)
Projected salary increase Service based
Inflation 2.5%
Post retirement cost of living
adjustment 3%
Measurement date September 30, 2024
Retirement age Age 55 and 6 years of service
(age 55 and 10 years of service if
hired after December 31, 2014) or
25 years of credited service regardless of age.
Changes of Assumptions
For the year ended September 30, 2024 (measurement date September 30, 2024),
the following changes to assumptions occurred:
Participant (employee) contribution rate from 7.48% to 7.0%.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 70 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE H - RETIREMENT PLANS, CONTINUED
Plan 3 - Plan Description and Provisions - 401(a)
The Board of Fire Commissioners established the 401(a) Plan for the general
employees and elected officials who are ineligible to participate in the Florida
Retirement System. The Plan was effective on January 1, 2013. At September 30,
2022, the Plan had one (1) active participant.
The Plan allows for employer contributions. Amounts contributed by the employer
correspond to the percentage of contributions by class, established for participants
of the Florida Retirement System. Employee contributions are prohibited.
Employer contributions are 100% vested after completion of one year of service. A
year of service is based on an employee completing at least 1,000 hours of service
during a plan year.
Total District contributions to the Plan for the years ended September 30, 2024,
2023, and 2022, were $0, $568 and $802, respectively. Contributions to the 401(a)
Plan ended with the May 19, 2023 pay date.
NOTE I - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
(OPEB)
The District formally established two (2) OPEB Plans to provide its retirees the
opportunity to obtain insurance (medical, dental and life) benefits. All retired full-time
employees are eligible for OPEB benefits if actively employed by the District
immediately before retirement. As such, active employees with at least twenty five
(25) years of service as of September 30, 2010, were allowed to elect to remain in
the Defined Benefit Plan or to enter the Post Employment Health Plan (PEHP), a
defined contribution Plan. The defined benefit Plan provides a $5,000 life insurance
benefit fully paid by the District. All retirees and Early Retirement Incentive Program
(ERIP) participants, who were eligible, remained in the Defined Benefit Plan. All
other active employees at that time, September 30, 2010, as well as future
employees entered the PEHP. Retirees under the PEHP Plan are responsible for the
full cost of coverage.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 71 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE I - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
(OPEB), CONTINUED
The benefits are provided both with and without contractual or labor agreements.
The benefits may require contribution from the retirees, depending on certain
specified criteria and, in particular, length of creditable employment. The District
finances the benefits on a pay-as-you-go basis and recognizes expenditures at the
time the premiums are due for both Plans.
Effective January 1, 2015, all active employees of the merged District are covered
with the same post retirement health benefits.
Effective May 1, 2017, the District offered a post-employment health insurance
supplementation for eligible retirees who have completed fifteen (15) years of service
including three (3) years as a Chief Officer. Under this plan, the District shall
contribute 100% toward the cost of the retiree's participation in the District's health
insurance program for the retiree and qualifying spouse/dependent until the employee
reaches the age of 65 or is eligible for Medicare, whichever occurs first. This benefit
is provided in lieu of contributions to the PEHP.
Defined Benefit Plan
Specifically, the Defined Benefit Plan provides that the District will pay a portion of
medical and dental premiums for retirees depending on their years of credited service
starting with the completion of fifteen (15) years of credited service. As such, the
District pays 50% of the employee's premium and 25% of the spouse's premium at
completion of 15 years of service progressing to 100% of the employee's premium
and 100% of the spouse's premium upon completion of 25 years of service for
certain employees based on final rank at date of retirement. The retiree can buy
dependent coverage as part of the Plan. The District also pays the premium
associated with a $5,000 life insurance benefit.
During fiscal years 2009 and 2010, the District offered two (2) separate Early
Retirement Incentive Programs (ERIP) to a number of active employees. A portion
of the programs includes full payment of premiums associated with medical, dental,
vision and life insurance coverage, including dependent coverage for a period of 3
years. After the 3 year period ends, the ERIP participants receive the Defined
Benefit Plan benefits they had been eligible for at termination. During the year ended
September 30, 2014, the District paid the final amounts due on the ERIP Plans.
Note that the projected premiums for the dental and life benefits were assumed to
cover the entire cost of the program.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 72 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE I - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
(OPEB), CONTINUED
Post Employment Health Plan (PEHP)
The PEHP is a defined contribution plan administered by the District.
All employees who did not elect to remain in the Defined Benefit Plan, and all
future active employees are participants in the PEHP.
Originally participants in the PEHP had $7,000 deposited on their behalf into an
account on the 20th anniversary of their date of hire and on each subsequent
anniversary. Additionally, those participants having over 20 years of credited service
at their date of retirement also received a $30,000 deposit on their behalf at date of
separation. Effective October 1, 2012, the Plan was changed to limit District total
contributions to $50,000 per employee.
Effective October 1, 2015, participants in the PEHP will have funds ($1,500 for
collective bargaining members and $2,500 for non-bargaining members) deposited
into a trust account following the 5th anniversary of their date of hire and on each
subsequent year. Additionally, those participants having over 20 years of credited
service at their date of retirement will receive a maximum contribution ranging from
$37,000 to $50,000 depending on length of service.
Effective October 1, 2022, collective bargaining unit members no longer receive
PEHP contributions but will rather receive health insurance credit amounts based on
years of service and become participants in the District's defined benefit OPEB Plan.
According to Article 34.05 of the 2022-25 Collective Bargaining Agreement
(Insurance After Retirement), upon eligible retirement, employees may buy into the
District's group health insurance plan. Based on the following table, eligible
employees will receive the following credit amounts that will offset the cost of health
insurance premiums if the employee elects to remain on the District's group health
insurance plan:
Employee Years of Service:
15 400$
20 500$
25 600$
The District will provide the applicable credits to retirees until the retiree
reaches the age of 65.
Health Insurance credit amount (per month):
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 73 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE I - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
(OPEB), CONTINUED
Post Employment Health Plan (PEHP), continued
Non-bargaining employees will receive annual $2,500 PEHP contributions as
noted above.
The PEHP is designed to offer similar benefits to those offered under the Defined
Benefit Plan.
The District, as part of the PEHP, entered a group variable annuity contract. As
such, the PEHP Plan's asset custodian and third party administrator is the insurance
company through which the annuity is contracted.
General - Funding Policy
The District paid $329,635 and $368,331 for retiree's and ERIP participants' health
care premiums as part of the Defined Benefit Plan on a pay-as-you-go basis for the
years ended September 30, 2024 and 2023, respectively.
The District also contributed $47,000 and $30,000 to the PEHP Plan for the years
ended September 30, 2024 and 2023, respecitvely.
No separate trust has been established for either Plan. No separate financial
statement is issued for either OPEB Plan. All required disclosures are presented
herein. The District obtained an actuarial valuation for its defined benefit OPEB Plan
to measure the current year's subsidies and project these subsidies into the future,
making an allocation of that cost to different years. The following schedule of funding
progress presents multi-year trend information about whether the actuarial value of
plan assets is increasing or decreasing over time relative to the actuarial accrued
liability for benefits.
Plan Description - Defined Benefit
The year ended September 30, 2018, was the District's transition year and now
adheres to GASB No. 75 "Accounting and Financial Reporting for Postemployment
Benefits Other Than Pensions." GASB No. 75 requires the District record its
actuarially determined total OPEB liability.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 74 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE I - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
(OPEB), CONTINUED
Plan Description - Defined Benefit, continued
All retired full-time employees are eligible for OPEB benefits if actively employed by
the District immediately before retirement. As of September 30, 2024, there were
forty seven (47) retirees eligible to receive benefits. At September 30, 2024, there were
two hundred sixty-two (262) active District employees. The benefits are provided
both with contractual or labor agreements.
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive
plan (the plan as understood by the employer and plan members) and include types
of benefits provided at the time of each valuation and the historical pattern of sharing
of benefit costs between the employer and plan members to that point. The methods
and assumptions used include techniques that are designed to reduce the effects of
short-term volatility in actuarial accrued liabilities and the actuarial value of assets,
consistent with the long-term perspective of the calculations.
At September 30, 2024, the District's Net OPEB Liability of $13,498,912 was
measured as of September 30, 2023, and was determined by an actuarial valuation
as of September 30, 2022, using the alternate measurement method. The following
actuarial assumptions and other inputs were applied to all periods included in the
measurement:
The following simplifying assumptions were made:
Mortality - Life expectancies were based on PUB 2010 MP 2018 Mortality Tables for Males and
Females projected 10 years.
Annual healthcare cost trend using the Society of Actuaries Long-Run Medical Cost Trend
Model baseline assumptions with an initial rate of 7.25% per year trending to 4.00% by 2075.
Turnover - Non-group-specific age-based turnover data from GASB Statement 45 were used as
the basis for assigning active members a probability of remaining employed until the assumed
retirement age and for developing an expected future working lifetime assumption for purposes
of allocating to periods the present value of total benefits paid.
Amortization Period: Rolling 20 year amortization
Amortization Method: level percentage of payroll
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 75 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE I - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
(OPEB), CONTINUED
Actuarial Methods and Assumptions, continued
The discount rate was 4.87% (for 2024) 4.77% (for 2023) 2.43% (for 2022) 2.14% (for 2021) 3.58%
(for 2020) (4.18% for 2019) (3.64% for 2018) and was based on the 20 Year Municipal Bond Rate
with AA/Aa2 or higher.
Measurement Date September 30, 2023
Valuation Date September 30, 2022
Entry age normal cost method was used.
Inflation Rate 2.50%
Salary Increases Varies by Service
Discount Rate 4.77%
Initial Trend Rate 7.25%
Ultimate Trend Rate 4.00%
Years to Ultimate 52
The FRS salary scale was used
Participation percentage: 50%
Mortality Scale PUB 2010 MP-2018
The actuarial assumptions used in the valuation reported for September 30, 2022, were based on
results of an actuarial experience study performed for the FRS Retirement Plan for July 1, 2021.
The rationales for selecting each of the assumptions used in the financial accounting valuation
and for the assumptions changes summarized above are to best reflect the current market
conditions and recent plan experience.
Changes in the Net OPEB Liability
Amount
Balance at September 30, 2023 11,365,910$
Changes for the Year:
Service Cost 832,579
Interest Cost on Total OPEB Liability 568,536
Difference Between Expected and Actual Experience -
Changes in Assumptions (127,365)
Change in Benefit Terms 1,424,849
Contributions - Employer -
Benefit Payments (565,597)
Other Changes -
Net Changes 2,133,002
Balance at September 30, 2024 13,498,912$
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 76 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE I - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
(OPEB), CONTINUED
Changes in the Net OPEB Liability, continued
The following presents the net OPEB liability of the District as well as what the
District's net OPEB liability would be if it were calculated using a discount rate that is
1 percent higher or 1 percent lower than the current discount rate.
1% Decrease Current Rate 1% Increase
3.87%4.87%5.87%
Net OPEB Liability 14,852,740$ 13,498,912$ 12,312,961$
The following presents the net OPEB liability of the District as well as what the
District's net OPEB liability would be if it were calculated using healthcare trend rates
that are 1 percent higher or 1 percent lower than the current healthcare trend rate.
1% Decrease Trend Rate 1% Increase
3.00-6.25%4.00-7.25%5.00-8.25%
Net OPEB Liability 12,535,262$ 13,498,912$ 14,647,320$
For the year ended September 30, 2024, the District recognized OPEB expense
of $2,534,668. At September 30, 2024, the District reported deferred outflows
of resources and deferred inflows of resources related to OPEB from the following
sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences Between Expected and
Actual Experience 504,534$ -$
Changes in Assumptions 281,940 1,769,177
Employer contribution subsequent
to measurement date 754,429 -
Total 1,540,903$ 1,769,177$
Amounts reported as deferred outflows of resources and deferred inflows of
resources related to OPEB will be recognized in OPEB expense as follows:
Year Ended September 30: Amount
2025 (299,943)$
2026 (222,430)
2027 (222,435)
2028 (6,201)
2029 (71,936)
Thereafter (159,758)
Total (982,703)$
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 77 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE I - POST-EMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
(OPEB), CONTINUED
Changes in the Net OPEB Liability, continued
Changes in Assumptions:
• Increased discount rate from 4.77% to 4.87%
•Medical Health Credit Plan change in benefit terms reflect 2022-25
collective bargaining agreement.
NOTE J - RISK MANAGEMENT
During the year ended September 30, 2024, the District provided health benefits as
follows:
The District continued the use of a high deductible health plan offered to employees
and retirees of the District. The District does not offer vision coverage to the
employees of the District. The District offers a HSA plan for its employees or FSA
plan for employees older than 65. The District contributes $5,000 for those eligible
participants who have met the family deductible and $3,000 for those eligible
participants who have to meet the individual deductible to the HSA plan annually.
Participants may also elect to contribute to the respective plan on a pre-tax basis.
HSA amounts that are not utilized by the year end are carried over and are the
property of the participant per IRS regulation.
The District's HSA contributions for the year ended September 30, 2024, were
$1,558,942.
The District incurred $7,143,159 in health related claims, third party administration
costs, disability, premiums and reinsurance premiums including HSA contributions
(noted above) and workers compensation insurance during the year ended
September 30, 2024, for the self-insurance and fully-funded insurance programs.
It is the policy of the District to purchase third party commercial insurance for other
remaining forms of potential risks to which it is exposed. The District's risk
management activities are reported in the General Fund. No accrual has been
recorded for claims and incidents not reported to the insurer. The District paid
$1,296,475 for building, auto and other liability insurances for the year ended
September 30, 2024. The District had no significant reductions in insurance
coverage from the prior year. Reported claims have not exceeded the insurance
coverage for the years ended September 30, 2011 through September 30, 2024.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 78 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE K - PROPERTY TAXES
Property taxes are levied after formal adoption of the District's budget and become
due and payable on November 1 of each year and are delinquent on April 1 of the
following year. Discounts on property taxes are allowed for payments made prior to
the April 1 delinquent date. Tax certificates are sold to the public for the full amount
of any unpaid taxes and must be sold not later than June 1 of each year. The billing,
collection, and related record keeping of all property taxes is performed for the
District by the Collier County Tax Collector. No accrual for the property tax levy
becoming due in November 2024 is included in the accompanying basic financial
statements, since such taxes are collected to finance expenditures of the subsequent
period.
Procedures for collecting delinquent taxes, including applicable tax certificate sales
and tax deed sales, are provided for by Florida Statutes. The enforceable lien date is
approximately two years after taxes become delinquent and occurs only upon request
of a holder of a delinquent tax certificate. As of September 30, 2024, $667,583 was
recorded in the General Fund and was due from the Collier County Tax Collector to
the District for ad valorem taxes and excess fees, and interest.
Important dates in the property tax cycle are as follows:
Assessment roll certified July 1
Millage resolution approved No later than 93 days following
certification of assessment roll.
Taxes due and payable (Levy date) November/with various discount
provisions through March 31.
Property taxes payable - maximum
discount (4 percent) 30 days after levy date
Beginning of fiscal year for which
taxes have been levied October 1
Due date March 31
Taxes become delinquent (lien date) April 1
Tax certificates sold by the Collier
County Tax Collector Prior to June 1
For the year ended September 30, 2024, the Board of Commissioners of the District
levied ad valorem taxes at a millage rate of $1.00 per $1,000 (1.0 mills) of the 2023
net taxable value of real property located within the North Naples Service Delivery
Area.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 79 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE K - PROPERTY TAXES, CONTINUED
For the year ended September 30, 2024, the Board of Commissioners of the District
levied ad valorem taxes at a millage rate of $3.75 per $1,000 (3.75 mills) of the 2023
net taxable value of real property located within the Big Corkscrew Island Service
Delivery Area.
NOTE L - IMPACT FEE FUND ACTIVITY
During the year ended September 30, 2024, the Impact Fee Fund had the following
activity:
Amount
Unearned revenue, October 1, 2023 7,135,354$
Impact fee receipts 960,143
Impact fee refunds -
Due from other Governments 90,992
Interest and other income 395,579
Operating expenses (17,268)
Principal reduction -
Note payable interest -
Capital outlay -
Transfers in (out) -
Unearned revenue, September 30, 2024 8,564,800$
NOTE M -FUND BALANCE/NET POSITION ALLOCATIONS
Fund Balance/Net Position were allocated for the following purposes at September
30, 2024:
NN BCI Total
Amount Amount Amount
Nonspendable fund balance - General Fund prepaid expenses 1,596,952$ -$ 1,596,952$
NN BCI Total
Amount Amount Amount
General Fund - Expenses - Oct - Dec 12,221,366$ 3,441,631$ 15,662,997$
General Fund - Emergency reserve 856,103 567,080 1,423,183
General Fund - Health insurance claim reserve 915,140 258,116 1,173,256
General Fund - Medical services reserve 1,560,000 440,000 2,000,000
General Fund - Station / Growth Management Reserve 3,810,000 190,000 4,000,000
General Fund - Fleet reserve 4,418,206 931,794 5,350,000
General Fund - Station improvement reserve 546,000 154,000 700,000
Total General Fund 24,326,815$ 5,982,621$ 30,309,436$
Assigned fund balance - General Fund
Nonspendable - General Fund
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 80 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE M -FUND BALANCE/NET POSITION ALLOCATIONS, CONTINUED
NN BCI Total
Amount Amount Amount
General Fund -$ -$ -$
Total
Amount
Inspection Fee Fund 1,936,596$
NOTE N - LEASED VEHICLES
The District leases forty (40) vehicles for District operations under various sixty (60)
month operating lease agreements. The lease agreements qualify as other than
short-term leases under GASB Statement No. 87, therefore, have been recorded at
the present value of the future minimum lease payments as of the date of their
inception and exclude any residual value and management fee. Management fees
are expensed as incurred. The leases payable are measured at discount rates ranging
from 3.69% to 8.57% based on the rate implicit in the lease.
The terms and payment varies for each vehicle. The minimum annual lease payments
as follows:
Years Ending Lease
September 30 Liability Interest Total
2025 209,236$ 47,679$ 256,915$
2026 308,215 34,212 342,427
2027 237,231 19,513 256,744
2028 122,645 7,130 129,775
2029 20,382 526 20,908
897,709$ 109,060$ 1,006,769$
Lease expense for the year ended September 30, 2024 was $273,551.
The ROU asset was $705,924 net of accumulated amortization of $652,968 for
the year ended September 30, 2024.
Interest expense recognized during the year ended September 30, 2024 was $59,121.
Unassigned - General Fund
Restricted Fund Balance/Net Position - Inspection Fee Fund
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 81 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE O - COMMITMENTS AND CONTINGENCIES
The District is involved from time to time in certain routine litigation, the substance of
which either as liabilities or recoveries, would not materially affect the financial
position of the District. Although the final outcome of the lawsuits, assertions, and
claims or the exact amount of costs and/or potential recovery is not presently
determinable, in the opinion of the District's legal counsel, the resolution of these
matters will not have a materially adverse affect on the financial condition of the
District. As a general policy, the District plans to vigorously contest any such
matters.
NOTE P - UNRESTRICTED NET POSITION (DEFICIT) (NET ASSETS)
During the year ended September 30, 2024, the District's unrestricted net position
(net assets) balance was $14,994,914.
The District's total available fund balance at September 30, 2024, remained
approximately equal to six (6) months of actual expenditures. However, the Board
assigned available fund balance of $30,309,436 to fund operations for the first
quarter of the subsequent fiscal year.
NOTE Q - PENSION PLAN - 457 DEFERRED COMPENSATION
Effective March 1, 2012, the District approved an IRC Section 457 employee
benefit plan (ICMA) whereby, the District does not contribute to the Section 457
Plan. It is an employee only contribution Plan with fees paid by the employees. The
Plan is third party administered.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 82 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE R - SUBSEQUENT EVENTS
Subsequent to the year ended September 30, 2024, the District plans to initiate
ambulance service (transportation) as part of its rescue service on or about July 2025.
NOTE S - SUBSCRIPTION LIABILITY
The District entered into multiple subscription-based information technology
arrangements for various software. The software range from 3 to 5 year terms and
have fixed payments. The District aggregated the subscriptions for reporting
purposes. The District used a discount rate ranging from 3.90% to 4.12% to record
the present value of the future minimum payments as of the date of implementation.
The District is capitalizing the arrangements over a 5 year term consistent with the
contract agreement.
The future minimum subscription payments as of September 30, 2024 is as follows:
Years
Ending
September 30 Amount
2025 210,016$
2026 173,089
2027 135,889
2028 135,889
654,883
Impact of present value discount (58,563)
Present value 596,320$
The amortization of the subscription liability for the year ended September 30,
2024, was $204,517.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 83 of 113
NOTES TO THE FINANCIAL STATEMENTS
September 30, 2024
NOTE S - SUBSCRIPTION LIABILITY, CONTINUED
At September 30, 2024, the right of use-subscription asset and right of use-
subscription liability balances are as follows:
Amount
Right of use subscription asset, current 210,016$
Right of use subscription asset, noncurrent 369,588
579,604$
Right of use subscription liability, current 164,009$
Right of use subscription liability, noncurrent 432,311
596,320$
COMBINING FINANCIAL STATEMENTS
BY SERVICE DELIVERY AREA
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 84 of 113
COMBINING BALANCE SHEET - GENERAL FUND - BY SERVICE
DELIVERY AREA
September 30, 2024
North Naples Big Corkscrew Total
Service Island Service General
Delivery Area Delivery Area Eliminations Fund
ASSETS
Cash and cash equivalents 3,444,582$ 1,470,223$ -$ 4,914,805$
Restricted cash and cash equivalents - - - -
Investments 22,922,912 5,228,850 - 28,151,762
Due from other governments 596,324 143,771 - 740,095
Due from other funds 1,150,404 - (860,223) 290,181
Other receivables, net 112,443 - - 112,443
Prepaid expenses 1,596,952 - - 1,596,952
TOTAL ASSETS 29,823,617$ 6,842,844$ (860,223)$ 35,806,238$
LIABILITIES AND FUND BALANCE
LIABILITIES
Accounts payable and accrued expenses 3,861,343$ -$ -$ 3,861,343$
Retainage payable - - - -
Due to other funds 9,825 860,223 (860,223) 9,825
Contract deposits 17,500 - - 17,500
Unearned revenue 11,182 - - 11,182
TOTAL LIABILITIES 3,899,850 860,223 (860,223) 3,899,850
FUND BALANCE
Nonspendable 1,596,952 - - 1,596,952
Restricted - - - -
Assigned 24,326,815 5,982,621 - 30,309,436
Unassigned - - - -
TOTAL FUND BALANCE 25,923,767 5,982,621 - 31,906,388
TOTAL LIABILITIES AND
FUND BALANCE 29,823,617$ 6,842,844$ (860,223)$ 35,806,238$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 85 of 113
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE - GENERAL FUND -
BY SERVICE DELIVERY AREA
Year Ended September 30, 2024
General Fund
North Naples Big Corkscrew Total
Service Island Service General
Delivery Area Delivery Area Fund
REVENUES
Ad Valorem taxes 46,604,223$ 12,711,229$ 59,315,452$
Intergovernmental revenue:
State firefighter supplement 111,376 - 111,376
Federal grants 198,197 - 198,197
Other Intergovernmental 44,439 - 44,439
Charges for services 820,571 - 820,571
Miscellaneous:
Interest 1,473,473 851,238 2,324,711
Other 253,927 24,883 278,810
TOTAL REVENUES 49,506,206 13,587,350 63,093,556
EXPENDITURES
Current
Public safety
Personnel services 34,482,383 10,299,933 44,782,316
Operating expenditures 8,162,907 2,399,140 10,562,047
Capital outlay 3,815,474 670,860 4,486,334
Debt service:
Principal reduction 681,124 203,453 884,577
Interest and fiscal charges 79,111 23,630 102,741
Reserves - - -
TOTAL EXPENDITURES 47,220,999 13,597,016 60,818,015
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES 2,285,207 (9,666) 2,275,541
OTHER FINANCING SOURCES AND (USES)
Proceeds from financing lease - - -
Proceeds from disposition of capital assets 1,721,150 - 1,721,150
Transfer in - - -
Transfer out - - -
TOTAL OTHER FINANCING SOURCES
AND (USES) 1,721,150 - 1,721,150
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER
FINANCING USES 4,006,357 (9,666) 3,996,691
FUND BALANCE - Beginning 21,917,410 5,992,287 27,909,697
FUND BALANCE - Ending 25,923,767$ 5,982,621$ 31,906,388$
The accompanying notes are an integral part of this statement.
REQUIRED SUPPLEMENTARY
INFORMATION
OTHER THAN MD&A
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 86 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND -
SUMMARY STATEMENT - NORTH NAPLES SDA
Year Ended September 30, 2024
General Fund
Variance
Original Final Favorable
Budget Budget Actual (Unfavorable)
REVENUES
Ad Valorem taxes 45,737,562$ 45,737,562$ 46,604,223$ 866,661$
Intergovernmental revenue:
State firefighter supplement 73,920 73,920 111,376 37,456
Federal grants 28,040 94,106 198,197 104,091
Other Intergovernmental 29,520 29,520 44,439 14,919
Charges for services 651,200 651,200 820,571 169,371
Miscellaneous:
Interest 516,000 1,093,500 1,473,473 379,973
Other 176,511 176,511 253,927 77,416
Subtotal - revenues 47,212,753 47,856,319 49,506,206 1,649,887
Cash brought forward 21,307,147 21,917,410 - (21,917,410)
TOTAL REVENUES 68,519,900 69,773,729 49,506,206 (20,267,523)
EXPENDITURES
Current
Public safety
Personnel services 36,186,714 36,186,714 34,482,383 1,704,331
Operating expenditures 8,959,034 9,040,500 8,162,907 877,593
Capital outlay 1,491,578 2,261,578 3,815,474 (1,553,896)
Debt service:
Principal reduction 683,434 683,434 681,124 2,310
Interest and fiscal charges 79,111 79,111 79,111 -
Reserves 21,156,029 21,558,392 - 21,558,392
TOTAL EXPENDITURES 68,555,900 69,809,729 47,220,999 22,588,730
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES (36,000) (36,000) 2,285,207 2,321,207
OTHER FINANCING SOURCES AND (USES)
Proceeds from financing lease - - - -
Proceeds from disposition of capital assets 36,000 36,000 1,721,150 1,685,150
Transfer in - - - -
Transfer out - - - -
TOTAL OTHER FINANCING SOURCES
AND (USES) 36,000 36,000 1,721,150 1,685,150
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER
FINANCING USES -$ -$ 4,006,357 4,006,357$
FUND BALANCE - Beginning 21,917,410
FUND BALANCE - Ending 25,923,767$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 87 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND -
DETAILED STATEMENT - NORTH NAPLES SDA
Year Ended September 30, 2024
General Fund
Variance
Original Final Favorable
Budget Budget Actual (Unfavorable)
REVENUES
Ad Valorem taxes 45,737,562$ 45,737,562$ 46,604,223$ 866,661$
Intergovernmental revenue:
State firefighter supplement 73,920 73,920 111,376 37,456
Federal and State grants 28,040 94,106 198,197 104,091
Other Intergovernmental 29,520 29,520 44,439 14,919
Charges for services 651,200 651,200 820,571 169,371
Miscellaneous:
Interest 516,000 1,093,500 1,473,473 379,973
Other 176,511 176,511 253,927 77,416
Subtotal - revenues 47,212,753 47,856,319 49,506,206 1,649,887
Cash brought forward 21,307,147 21,917,410 - (21,917,410)
TOTAL REVENUES 68,519,900 69,773,729 49,506,206 (20,267,523)
EXPENDITURES
Current
Public safety
Personnel services:
Salaries
Firefighters & Admin. 17,288,531 17,288,531 16,465,258 823,273
Commissioners 23,100 23,100 23,100 -
Overtime 1,157,924 1,157,924 1,345,608 (187,684)
Vacation pay 166,320 166,320 176,366 (10,046)
Sick leave 766,468 766,468 526,209 240,259
Professional/Incentives and holiday pay 2,145,631 2,145,631 2,010,207 135,424
Payroll taxes
Social Security 1,765,490 1,765,490 1,535,012 230,478
Benefits
Retirement 6,725,585 6,725,585 6,774,227 (48,642)
Health insurance (including HSA) 4,973,477 4,973,477 4,436,312 537,165
Disability insurance 94,061 94,061 69,556 24,505
Unemployment - - - -
Workers compensation 691,824 691,824 750,558 (58,734)
Medical clinic/employee physicals 384,453 384,453 331,236 53,217
Post employment health plan (PEHP) - - 36,190 (36,190)
Retirement recognition 3,850 3,850 2,544 1,306
Subtotal - Personnel services 36,186,714 36,186,714 34,482,383 1,704,331
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 88 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND -
DETAILED STATEMENT - NORTH NAPLES SDA (CONTINUED)
Year Ended September 30, 2024
General Fund
Variance
Original Final Favorable
Operating expenditures: Budget Budget Actual (Unfavorable)
Insurance 1,205,172 1,205,172 998,286 206,886
Organization and community funding 21,175 21,175 7,719 13,456
Uniforms 175,714 175,714 160,299 15,415
Communications 118,811 118,811 110,252 8,559
Telephone 307,230 307,230 325,771 (18,541)
Utilities 231,000 231,000 253,756 (22,756)
Maintenance
Vehicle 529,952 529,952 479,006 50,946
Equipment 70,070 70,070 7,455 62,615
Computer 1,137,290 1,137,290 1,070,734 66,556
Hydrant 77,000 77,000 89,025 (12,025)
Building 835,091 835,091 762,640 72,451
Supplies
Office 36,960 36,960 44,466 (7,506)
Protective gear 347,886 347,886 319,574 28,312
Station 69,916 69,916 81,952 (12,036)
Emergency medical 305,646 305,646 232,422 73,224
Enterprise Lease/Rental 222,354 222,354 211,467 10,887
Equipment
Office 23,716 23,716 10,366 13,350
Fire 368,907 368,907 350,270 18,637
Shop 41,195 41,195 45,590 (4,395)
Warehouse/logistics 32,225 32,225 30,676 1,549
Professional and other fees
Legal and professional 573,019 588,419 517,494 70,925
Property appraiser fees 340,356 340,356 311,652 28,704
Tax collector fees 920,251 920,251 926,800 (6,549)
Accounting 46,200 46,200 45,815 385
Bad debt expense - - 27,000 (27,000)
Miscellaneous
Travel 102,448 102,448 69,300 33,148
Public information officer 41,503 41,503 48,911 (7,408)
Fuel and oil 279,125 279,125 283,108 (3,983)
Legal advertisements 6,930 6,930 4,548 2,382
Dues and subscriptions 13,163 13,163 11,550 1,613
CERT team 7,700 7,700 232 7,468
Dive team 8,855 8,855 7,696 1,159
Fire prevention 9,625 9,625 12,683 (3,058)
Training 318,260 384,326 194,826 189,500
Hazardous materials 18,157 18,157 16,071 2,086
Technical rescue 50,758 50,758 32,324 18,434
Boat team 13,090 13,090 9,528 3,562
SAR technical rescue team//K9 36,883 36,883 36,616 267
Hurricane/Emergency Supplies - - 1,430 (1,430)
Miscellaneous 15,401 15,401 13,597 1,804
Operational Reserves
Contingency - - - -
Subtotal - Operating expenditures 8,959,034 9,040,500 8,162,907 877,593
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 89 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL GENERAL FUND -
DETAILED STATEMENT - NORTH NAPLES SDA (CONTINUED)
Year Ended September 30, 2024
General Fund
Variance
Original Final Favorable
Capital outlay: Budget Budget Actual (Unfavorable)
Land - - 1,569,546 (1,569,546)
Station improvements 115,885 115,885 95,657 20,228
Fire & rescue equipment 80,850 80,850 38,642 42,208
Protective gear - - - -
Medical equipment 127,258 127,258 111,951 15,307
Station equipment - - - -
Communication equipment 242,550 242,550 118,554 123,996
Computers 61,600 61,600 37,837 23,763
TRT 42,350 42,350 34,353 7,997
Training equipment - - - -
Hazardous materials equipment - - - -
DRT - HazMat Equipment - - 9,155 (9,155)
Vehicle purchase 20,790 20,790 96,589 (75,799)
Fire apparatus 724,835 1,494,835 1,568,607 (73,772)
Shop equipment 9,240 9,240 - 9,240
Logistics/Warehouse 66,220 66,220 88,383 (22,163)
Construction in progress - - 46,200 (46,200)
Dive equipment - - - -
Subtotal - Capital outlay 1,491,578 2,261,578 3,815,474 (1,553,896)
Debt service:
Principal reduction 683,434 683,434 681,124 2,310
Interest and fiscal charges 79,111 79,111 79,111 -
Subtotal - Debt service 762,545 762,545 760,235 2,310
Reserves:
Reserves 21,156,029 21,558,392 - 21,558,392
TOTAL EXPENDITURES 68,555,900 69,809,729 47,220,999 22,588,730
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES (36,000) (36,000) 2,285,207 2,321,207
OTHER FINANCING SOURCES AND (USES)
Proceeds from capital lease - - - -
Proceeds from disposition of capital assets 36,000 36,000 1,721,150 1,685,150
Transfers in - - - -
Transfers out - - - -
TOTAL OTHER FINANCING SOURCES AND (USES) 36,000 36,000 1,721,150 1,685,150
EXCESS OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES -$ -$ 4,006,357 4,006,357$
FUND BALANCE - Beginning 21,917,410
FUND BALANCE - Ending 25,923,767$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 90 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND -
SUMMARY STATEMENT - BIG CORKSCREW ISLAND SDA
Year Ended September 30, 2024
General Fund
Variance
Original Final Favorable
Budget Budget Actual (Unfavorable)
REVENUES
Ad Valorem taxes 12,405,207$ 12,405,207$ 12,711,229$ 306,022$
Intergovernmental revenue:
State firefighter supplement 22,080 22,080 - (22,080)
Federal grants - 19,734 - (19,734)
Other intergovernmental - - - -
Charges for services - - - -
Miscellaneous:
Interest 254,000 426,500 851,238 424,738
Other 27,643 27,643 24,883 (2,760)
Subtotal - revenues 12,708,930 12,901,164 13,587,350 686,186
Cash brought forward 5,586,951 5,992,287 - (5,992,287)
TOTAL REVENUES 18,295,881 18,893,451 13,587,350 (5,306,101)
EXPENDITURES
Current
Public safety
Personnel services 10,809,017 10,809,017 10,299,933 509,084
Operating expenditures 2,638,192 2,662,526 2,399,140 263,386
Capital outlay 445,536 675,536 670,860 4,676
Debt service:
Principal reduction 204,143 204,143 203,453 690
Interest and fiscal charges 23,630 23,630 23,630 -
Reserves 4,175,363 4,518,599 - 4,518,599
TOTAL EXPENDITURES 18,295,881 18,893,451 13,597,016 5,296,435
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES - - (9,666) (9,666)
OTHER FINANCING SOURCES AND USES
Proceeds from financing lease - - - -
Proceeds from disposition of capital assets - - - -
Transfer in / (out) - - - -
TOTAL OTHER FINANCING SOURCES
AND USES - - - -
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER
FINANCING USES -$ -$ (9,666) (9,666)$
FUND BALANCE - Beginning 5,992,287
FUND BALANCE - Ending 5,982,621$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 91 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND -
DETAILED STATEMENT - BIG CORKSCREW ISLAND SDA
Year Ended September 30, 2024
General Fund
Variance
Original Final Favorable
Budget Budget Actual (Unfavorable)
REVENUES
Ad Valorem taxes 12,405,207$ 12,405,207$ 12,711,229$ 306,022$
Intergovernmental revenue:
State firefighter supplement 22,080 22,080 - (22,080)
Federal and State grants - 19,734 - (19,734)
Other intergovernmental - - - -
Charges for services - - - -
Miscellaneous:
Interest 254,000 426,500 851,238 424,738
Other 27,643 27,643 24,883 (2,760)
Subtotal - revenues 12,708,930 12,901,164 13,587,350 686,186
Cash brought forward 5,586,951 5,992,287 - (5,992,287)
TOTAL REVENUES 18,295,881 18,893,451 13,587,350 (5,306,101)
EXPENDITURES
Current
Public safety
Personnel services:
Salaries
Firefighters & Admin. 5,164,107 5,164,107 4,918,193 245,914
Salaries - harmonization - - - -
Commissioners 6,900 6,900 6,900 -
Overtime 345,873 345,873 401,936 (56,063)
Vacation pay 49,680 49,680 52,681 (3,001)
Sick leave 228,945 228,945 157,179 71,766
Incentives and holiday pay 640,903 640,903 600,451 40,452
Payroll taxes
Social Security 527,354 527,354 458,510 68,844
Benefits
Retirement 2,008,940 2,008,940 2,023,470 (14,530)
Health insurance (including HSA) 1,485,584 1,485,584 1,325,132 160,452
Disability insurance 28,096 28,096 20,777 7,319
Benefits harmonization - - - -
Unemployment - - - -
Workers compensation 206,648 206,648 224,193 (17,545)
Medical clinic/employee physicals 114,837 114,837 98,941 15,896
Post employment health plan (PEHP) - - 10,810 (10,810)
Retirement recognition 1,150 1,150 760 390
Subtotal - Personnel services 10,809,017 10,809,017 10,299,933 509,084
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 92 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND -
DETAILED STATEMENT - BIG CORKSCREW ISLAND SDA (CONTINUED)
Year Ended September 30, 2024
General Fund
Variance
Original Final Favorable
Operating expenditures: Budget Budget Actual (Unfavorable)
Insurance 359,986 359,986 298,189 61,797
Organization and community funding 6,325 6,325 2,306 4,019
Uniforms 52,486 52,486 47,882 4,604
Communications 35,489 35,489 32,933 2,556
Telephone 91,770 91,770 97,308 (5,538)
Utilities 69,000 69,000 75,797 (6,797)
Maintenance
Vehicle 158,298 158,298 143,080 15,218
Equipment 20,930 20,930 2,227 18,703
Computer 339,710 339,710 319,830 19,880
Hydrant 23,000 23,000 26,592 (3,592)
Building 249,444 249,444 227,799 21,645
Supplies
Office 11,040 11,040 13,281 (2,241)
Protective gear 103,914 103,914 95,457 8,457
Station 20,884 20,884 24,479 (3,595)
Emergency medical 91,297 91,297 78,243 13,054
Enterprise Lease/Rental 66,417 66,417 63,166 3,251
Equipment
Office 7,084 7,084 3,099 3,985
Fire 110,193 110,193 98,665 11,528
Shop 12,305 12,305 13,618 (1,313)
Warehouse/logistics 9,625 9,625 9,163 462
Professional and other fees
Legal and professional 171,161 175,761 154,576 21,185
Property appraiser fees 85,057 85,057 77,956 7,101
Tax collector fees 253,604 253,604 260,901 (7,297)
Accounting 13,800 13,800 13,685 115
Miscellaneous
Travel 30,602 30,602 20,700 9,902
Public information officer 12,397 12,397 15,575 (3,178)
Public education officer - - - -
Fuel and oil 83,375 83,375 84,565 (1,190)
Legal advertisements 2,070 2,070 1,359 711
Dues and subscriptions 3,932 3,932 3,450 482
CERT team 2,300 2,300 69 2,231
Dive team 2,645 2,645 2,299 346
Fire prevention 2,875 2,875 2,823 52
Training 95,065 114,799 49,331 65,468
Hazardous materials 5,423 5,423 10,761 (5,338)
Technical rescue 15,162 15,162 9,655 5,507
Boat team 3,910 3,910 2,846 1,064
K-9 search and rescue 11,017 11,017 10,937 80
Hurricane/Emergency Supplies - - 427 (427)
Miscellaneous 4,600 4,600 4,111 489
Operational Reserves
Contingency - - - -
Subtotal - Operating expenditures 2,638,192 2,662,526 2,399,140 263,386
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 93 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND -
DETAILED STATEMENT - BIG CORKSCREW ISLAND SDA (CONTINUED)
Year Ended September 30, 2024
General Fund
Variance
Original Final Favorable
Capital outlay: Budget Budget Actual (Unfavorable)
Land - - - -
Station improvements 34,615 34,615 28,573 6,042
Fire & rescue equipment 24,150 24,150 11,542 12,608
Protective gear - - - -
Medical equipment 38,012 38,012 33,440 4,572
Station equipment - - - -
Communication equipment 72,450 72,450 35,412 37,038
Computers 18,400 18,400 11,302 7,098
TRT 12,650 12,650 10,261 2,389
Training equipment - - - -
Hazardous material equipment - - 2,734 (2,734)
DRT - HazMat Equipment - - - -
Vehicle purchase 6,210 6,210 28,851 (22,641)
Fire apparatus 216,509 446,509 468,545 (22,036)
Shop equipment 2,760 2,760 - 2,760
Construction in progress - - 13,800 (13,800)
Logistics/Warehouse 19,780 19,780 26,400 (6,620)
Subtotal - Capital outlay 445,536 675,536 670,860 4,676
Debt service:
Principal reduction 204,143 204,143 203,453 690
Interest and fiscal charges 23,630 23,630 23,630 -
Subtotal - Debt service 227,773 227,773 227,083 690
Reserves:
Reserves 4,175,363 4,518,599 - 4,518,599
TOTAL EXPENDITURES 18,295,881 18,893,451 13,597,016 5,296,435
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES - - (9,666) (9,666)
OTHER FINANCING SOURCES AND (USES)
Proceeds from financing lease - - - -
Proceeds from disposition of capital assets - - - -
Transfer in / (out)- - - -
TOTAL OTHER FINANCING SOURCES AND (USES) - - - -
EXCESS OF REVENUES AND OTHER FINANCING
SOURCES OVER (UNDER) EXPENDITURES
AND OTHER FINANCING USES -$ -$ (9,666) (9,666)$
FUND BALANCE - Beginning 5,992,287
FUND BALANCE - Ending 5,982,621$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 94 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - COMBINED SERVICE DELIVERY AREAS -
BUDGET AND ACTUAL - IMPACT FEE FUND - SUMMARY STATEMENT
Year Ended September 30, 2024
Impact Fee Fund
Variance
Original Final Favorable
Budget Budget Actual (Unfavorable)
REVENUES
Fees:
Impact fees 509,000$ 18,000$ -$ (18,000)$
Impact Fees - Collected / Deferred 91,000 786,000 - (786,000)
Miscellaneous:
Interest 5,000 375,000 17,268 (357,732)
Transfer from General Fund - - - -
Other - - - -
Subtotal - revenues 605,000 1,179,000 17,268 (1,161,732)
Cash brought forward 7,346,724 7,135,354 - (7,135,354)
TOTAL REVENUES 7,951,724 8,314,354 17,268 (8,297,086)
EXPENDITURES
Current
Public safety
Operating expenditures 14,000 18,000 17,268 732
Capital outlay 500,000 - - -
Debt service:
Principal - - - -
Interest and fiscal charges - - - -
Reserves 7,437,724 8,296,354 - 8,296,354
TOTAL EXPENDITURES 7,951,724 8,314,354 17,268 8,297,086
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES - - - -
OTHER FINANCING SOURCES AND (USES)
Transfers in (out) - - - -
TOTAL OTHER FINANCING SOURCES
AND (USES) - - - -
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER
FINANCING USES -$ -$ - -$
FUND BALANCE - Beginning -
FUND BALANCE - Ending -$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 95 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - COMBINED SERVICE DELIVERY AREAS -
BUDGET AND ACTUAL - IMPACT FEE FUND - DETAILED STATEMENT
Year Ended September 30, 2024
Impact Fee Fund
Variance
Original Final Favorable
REVENUES Budget Budget Actual (Unfavorable)
Fees:
Impact fees 509,000$ 18,000$ -$ (18,000)$
Impact Fees - Collected / Deferred 91,000 786,000 - (786,000)
Miscellaneous:
Interest 5,000 375,000 17,268 (357,732)
Transfer from General Fund - - - -
Other - - - -
Subtotal - revenues 605,000 1,179,000 17,268 (1,161,732)
Cash brought forward 7,346,724 7,135,354 - (7,135,354)
TOTAL REVENUES 7,951,724 8,314,354 17,268 (8,297,086)
EXPENDITURES
Operating expenditures:
Impact fee collection 9,000 18,000 17,268 732
Professional fees 5,000 - - -
Subtotal - Operating expenditures 14,000 18,000 17,268 732
Capital outlay:
Preplanning - - - -
Construction in progress 500,000 - - -
Emergency signal-station #42 - - - -
Temporary station lease - - - -
Subtotal - Capital outlay 500,000 - - -
Debt service:
Principal - - - -
Interest and fiscal charges - - - -
Subtotal - Debt service - - - -
Reserves: 7,437,724 8,296,354 - 8,296,354
TOTAL EXPENDITURES 7,951,724 8,314,354 17,268 8,297,086
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES - - - -
OTHER FINANCING SOURCES AND (USES)
Transfers in (out) - - - -
TOTAL OTHER FINANCING SOURCES
AND (USES) - - - -
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER FINANCING USES -$ -$ - -$
FUND BALANCE - Beginning -
FUND BALANCE - Ending -$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 96 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL -COMBINED SERVICE DELIVERY AREA -
INSPECTION FEE FUND - SUMMARY STATEMENT
Year Ended September 30, 2024
Inspection Fee Fund
Variance
Original Final Favorable
Budget Budget Actual (Unfavorable)
REVENUES
Charges for services
Inspection fees 1,000,000$ 1,100,000$ 1,430,027$ 330,027$
Plan review fees 1,000,000 1,100,000 1,460,005 360,005
Miscellaneous:
Interest 4,000 4,000 7,153 3,153
Other - - - -
Subtotal - revenues 2,004,000 2,204,000 2,897,185 693,185
Cash brought forward 343,188 1,091,261 - (1,091,261)
TOTAL REVENUES 2,347,188 3,295,261 2,897,185 (398,076)
EXPENDITURES
Current
Public safety
Personnel services 1,828,949 2,028,950 1,937,487 91,463
Operating expenditures 197,600 197,600 114,363 83,237
Capital outlay - - - -
Reserves 320,639 1,068,711 - 1,068,711
TOTAL EXPENDITURES 2,347,188 3,295,261 2,051,850 1,243,411
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES -$ -$ 845,335 845,335$
FUND BALANCE - Beginning 1,091,261
FUND BALANCE - Ending 1,936,596$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 97 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL - COMBINED SERVICE
DELVERY AREA - INSPECTION FEE FUND - DETAILED STATEMENT
Year Ended September 30, 2024
Inspection Fee Fund
Variance
Original Final Favorable
Budget Budget Actual (Unfavorable)
REVENUES
Charges for services:
Inspection fees 1,000,000$ 1,100,000$ 1,430,027$ 330,027$
Plan review fees 1,000,000 1,100,000 1,460,005 360,005
Miscellaneous:
Interest 4,000 4,000 7,153 3,153
Other - - - -
Subtotal - revenues 2,004,000 2,204,000 2,897,185 693,185
Cash brought forward 343,188 1,091,261 - (1,091,261)
TOTAL REVENUES 2,347,188 3,295,261 2,897,185 (398,076)
EXPENDITURES
Current
Public safety
Personnel services:
Salaries
Regular 1,075,507 1,175,505 1,114,913 60,592
Overtime 45,000 45,000 38,275 6,725
Sick leave 50,000 50,000 42,844 7,156
Vacation pay - - 12,274 (12,274)
Professional/Incentives and holiday pay 12,720 12,720 26,226 (13,506)
Payroll taxes
Social Security 90,517 90,517 94,442 (3,925)
Benefits
Retirement 202,601 302,604 291,882 10,722
Post employment health plan (PEHP) - - - -
Health insurance (including HSA) 284,927 284,927 268,471 16,456
Disability insurance 5,439 5,439 - 5,439
Medical clinic/employee physicals 22,232 22,232 - 22,232
Unemployment compensation - - - -
Workers compensation 40,006 40,006 48,160 (8,154)
Subtotal - Personnel services 1,828,949 2,028,950 1,937,487 91,463
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 98 of 113
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL - COMBINED SERVICE
DELVERY AREA - INSPECTION FEE FUND - DETAILED STATEMENT (CONTINUED)
Year Ended September 30, 2024
Inspection Fee Fund
Variance
Original Final Favorable
Operating expenditures: Budget Budget Actual (Unfavorable)
Uniforms -$ -$ -$ -$
Telephone - - - -
Utilities - - - -
Rent 50,000 50,000 50,000 -
Maintenance
Computer software & supplies 58,800 58,800 39,778 19,022
Hydrant - - - -
Supplies
Office - - 3,631 (3,631)
Miscellaneous
Dues & subscriptions 8,800 8,800 4,428 4,372
Public Education 50,000 50,000 11,700 38,300
Training 15,000 15,000 200 14,800
Travel 15,000 15,000 4,626 10,374
Subtotal - Operating expenditures 197,600 197,600 114,363 83,237
Capital outlay:
Office facility - - - -
Vehicles - - - -
Subtotal - Capital outlay - - - -
Debt service:
Principal reduction - - - -
Interest and fiscal charges - - - -
Subtotal - Debt service - - - -
Reserves:320,639 1,068,711 - 1,068,711
TOTAL EXPENDITURES 2,347,188 3,295,261 2,051,850 1,243,411
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES -$ -$ 845,335 845,335$
FUND BALANCE - Beginning 1,091,261
FUND BALANCE - Ending 1,936,596$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT
SCHEDULE OF DISTRICT'S PROPORTIONATE SHARE OF THE NET
PENSION LIABILITY - FLORIDA RETIREMENT SYSTEM (FRS) PENSION
PLAN (1)
Fiscal year ending September 30: 2024 2023 2022 2021
District's proportion of the net pension liability 0.014314588% 0.015929135% 0.017548069% 0.019684338%
District's proportionate share of the net pension liability 5,537,566$ 6,347,256$ 6,529,292$ 1,486,928$
District's covered-employee payroll 4,932,850$ 5,043,715$ 4,736,812$ 5,145,270$
District's proportionate share of the net pension liability
as a percentage of its covered-employee payroll 112.26% 125.84% 137.84% 28.90%
Plan fiduciary net position as a percentage of the
total pension liability 82.38% 82.38% 82.89% 96.40%
Notes: (1) The amounts presented for each fiscal year were determined as of September 30.
SCHEDULE OF DISTRICT CONTRIBUTIONS -
FLORIDA RETIREMENT SYSTEM (FRS) PENSION PLAN (1)
2024 2023 2022 2021
Contractually required contribution 975,553$ 923,570$ 827,071$ 845,377$
Contributions in relation to the contractually
required contribution 975,553 923,570 827,071 845,377
Contribution deficiency (excess) -$ -$ -$ -$
District's covered-employee payroll 4,932,850$ 5,043,715$ 4,736,812$ 5,145,270$
Contributions as a percentage of covered-employee
payroll 19.78% 18.31% 17.46% 16.43%
Notes: (1) The amounts presented for each fiscal year were determined as of September 30.
GASB 68 requires information for 10 years. However, until a full 10-year trend is compiled,
governments should present information for only those years for which information is available.
Note: Measurement date was June 30 within the respective fiscal year.
Page 99 of 113
2020 2019 2018 2017 2016 2015
0.021696122% 0.027233351% 0.031414516% 0.038802719% 0.040983896% 0.038209683%
9,403,419$ 9,378,787$ 9,462,215$ 11,477,584$ 10,348,466$ 4,935,293$
4,887,399$ 5,436,629$ 5,753,921$ 6,933,311$ 6,745,995$ 6,326,722$
192.40% 172.51% 164.45% 165.54% 153.40% 78.01%
78.85% 82.61% 84.26% 83.89% 84.88% 92.00%
2020 2019 2018 2017 2016 2015
775,095$ 887,696$ 912,380$ 1,119,238$ 1,099,170$ 967,270$
775,095 887,696 912,380 1,119,238 1,099,170 967,270
-$ -$ -$ -$ -$ -$
4,887,399$ 5,436,629$ 5,753,921$ 6,933,311$ 6,745,995$ 6,326,722$
15.86% 16.33% 15.86% 16.14% 16.29% 15.29%
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT
SCHEDULE OF DISTRICT'S PROPORTIONATE SHARE OF THE NET
PENSION LIABILITY - HEALTH INSURANCE SUBSIDY (HIS) PENSION
PLAN (1)
Fiscal year ending September 30: 2024 2023 2022 2021
District's proportion of the net pension liability 0.011739615% 0.012602682% 0.013541536% 0.014266437%
District's proportionate share of the net pension liability 1,761,057$ 2,001,474$ 1,434,265$ 1,749,993$
District's covered-employee payroll 4,932,850$ 5,043,715$ 4,736,812$ 5,145,270$
District's proportionate share of the net pension liability
as a percentage of its covered-employee payroll 35.70% 39.68% 30.28% 34.01%
Plan fiduciary net position as a percentage of the
total pension liability 4.80% 4.12% 4.81% 3.56%
Notes: (1) The amounts presented for each fiscal year were determined as of September 30.
SCHEDULE OF DISTRICT CONTRIBUTIONS -
HEALTH INSURANCE SUBSIDY (HIS) PENSION PLAN (1)
2024 2023 2022 2021
Contractually required contribution 62,269$ 58,951$ 52,792$ 53,960$
Contributions in relation to the contractually
required contribution 62,269 58,951 52,792 53,960
Contribution deficiency (excess) -$ -$ -$ -$
District's covered-employee payroll 4,932,850$ 5,043,715$ 4,736,812$ 5,145,270$
Contributions as a percentage of covered-employee
payroll 1.26% 1.17% 1.11% 1.05%
Notes: (1) The amounts presented for each fiscal year were determined as of September 30.
GASB 68 requires information for 10 years. However, until a full 10-year trend is compiled,
governments should present information for only those years for which information is available.
Note: Measurement date was June 30 within the respective fiscal year.
Page 100 of 113
2020 2019 2018 2017 2016 2015
0.014221549% 0.016634678% 0.019013168% 0.021233558% 0.021530658% 0.021138780%
1,736,428$ 1,861,254$ 2,012,375$ 2,270,390$ 2,509,309$ 2,155,823$
4,887,399$ 5,436,629$ 5,753,921$ 6,933,311$ 6,745,995$ 6,326,722$
35.53% 34.24% 34.97% 32.75% 37.20% 34.07%
3.00% 2.63% 2.15% 1.64% 0.97% 0.50%
2020 2019 2018 2017 2016 2015
58,340$ 66,816$ 68,674$ 84,244$ 87,198$ 78,787$
58,340 66,816 68,674 84,244 87,198 78,787
-$ -$ -$ -$ -$ -$
4,887,399$ 5,436,629$ 5,753,921$ 6,933,311$ 6,745,995$ 6,326,722$
1.19% 1.23% 1.19% 1.22% 1.29% 1.25%
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 101 of 113
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION - FRS/HIS
September 30, 2024
Changes of Assumptions
Actuarial assumptions for both cost-sharing defined benefit plans are reviewed
annually by the Florida Retirement System Actuarial Assumptions Conference. The
FRS Pension Plan has a valuation performed annually. The HIS Program has a
valuation performed biennially that is updated for GASB reporting in the year a
valuation is not performed. The most recent experience study for the FRS Pension
Plan was completed for the period July 1, 2018 through June 30, 2023. Because the
HIS Program is funded on a pay-as-you-go basis, no experience study has been
completed for that program. The actuarial assumptions that determined the total
pension liability for the HIS Program were based on certain results of the most recent
experience study for the FRS Pension Plan.
The total pension liability for each cost-sharing defined benefit plan was determined
using the individual entry age actuarial cost method. Inflation increases for both plans
is assumed at 2.40%. Payroll growth, including inflation, for both plans is assumed at
3.50%. Both the discount rate and the long-term expected rate of return used for
FRS Pension Plan investments remained unchanged at 6.70%. The Plan's
fiduciary net position was projected to be available to make all projected future
benefit payments of current active and inactive employees. Therefore, the discount
rate for calculating the total pension liability is equal to the long-term expected rate of
return.
Because the HIS Program uses a pay-as-you-go funding structure, a municipal bond
rate was increased from 3.65% to 3.93% and was used to determine the total pension
liability for the program (Bond Buyer General Obligation 20-Bond Municipal Bond
Index). Mortality assumptions for both plans were based on the Generational
PUB-2010 with Projection Scale MP-2021.
Florida Retirement System Pension Plan
There were changes in actuarial assumptions. As of June 30, 2024, the inflation rate
assumption remained unchanged at 2.40 percent, the real payroll growth assumption
increased to 1.1 percent, and the overall payroll growth rate assumption
increased to 3.50 percent. The long-term expected rate of return was unchanged at
6.70 percent.
Health Insurance Subsidy Pension Plan
The municipal rate used to determine total pension liability increased from 3.65
percent to 3.93 percent.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 102 of 113
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION - FRS/HIS
September 30, 2024
Pension Expense and Deferred Outflows/Inflows of Resources
In accordance with GASB 68, paragraphs 54 and 71, changes in the net pension
liability are recognized in pension expense in the current measurement period, except
as indicated below. For each of the following, a portion is recognized in pension
expense in the current reporting period, and the balance is amortized as deferred
outflows or deferred inflows of resources using a systematic and rational method over
a closed period, as defined below:
• Differences between expected and actual experience with regard to economic
and demographic factors - amortized over the average expected remaining
service life of all employees that are provided with pensions through the
pension plan (active and inactive employees)
• Changes of assumptions or other inputs - amortized over the average
expected remaining service life of all employees that are provided with
pensions through the pension plan (active and inactive employees)
• Changes in proportion and differences between contributions and
proportionate share of contributions - amortized over the average expected
remaining service life of all employees that are provided with pensions through
the pension plan (active and inactive employees)
• Differences between expected and actual earnings on pension plan investments
- amortized over five years
Employer contributions to the pension plans from employers are not included in
collective pension expense. However, employee contributions are used to reduce
pension expense.
The average expected remaining service life of all employees provided with pensions
through the pension plans at June 30, 2024 was 5.3 years for FRS and was 6.3 years
for HIS.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT
SCHEDULE OF CHANGES IN THE NET OPEB LIABILITY AND
RELATED RATIOS GASB 75
Changes in Employer's Net OPEB Liability and Related Ratios as of September 30:
Net OPEB Liability 2024 2023 2022
Service Cost 832,579$ 892,320$ 922,094$
Interest Cost on Total OPEB Liability 568,536 283,697 244,295
Changes in Benefit Terms 1,424,849 - -
Differences Between Expected and Actual Experience - 351,309 -
Changes in Assumptions (127,365) (687,183) (384,047)
Benefit Payments (565,597) (510,375) (476,986)
Net Change in net OPEB Liability 2,133,002 329,768 305,356
Net OPEB Liability - Beginning of Year 11,365,910 11,036,142 10,730,786
Net OPEB Liability - End of Year 13,498,912$ 11,365,910$ 11,036,142$
Measurement Date 9/30/2023 9/30/2022 9/30/2021
NOTE: Information for FY 2017 and earlier is not available.
Plan Fiduciary Net Position as of September 30:
2024 2023 2022
Contributions - Employer (including PEHP) 565,597$ 510,395$ 476,986$
Net Investment Income - - -
Benefit Payments (565,597) (510,395) (476,986)
Administrative Expense - - -
Net Change in Fiduciary Net Position - - -
Fiduciary Net Position - Beginning of Year - - -
Fiduciary Net Position - End of Year -$ -$ -$
Net OPEB Liability 13,498,912$ 11,365,910$ 11,036,142$
Fiduciary Net Position as a % of Net OPEB Liability 0.00% 0.00% 0.00%
Covered-Employee Payroll *
Net OPEB Liability as a % of Payroll *
* Because this OPEB plan does not depend of salary, no information is provided.
NOTE: Information for FY 2017 and earlier is not available.
Notes to the Schedule:
Benefit Changes None
Changes of Assumptions The discount rate was changed as follows:
9/30/18 3.64%
9/30/19 4.18%
9/30/20 3.58%
9/30/21 2.14%
9/30/22 2.43%
9/30/23 4.77%
9/30/24 4.87%
Medical insurance credit per 2022-25 collective bargaining agreement
Population covered by Plan: 309
Plan has no specific trust established. $0 assigned for OPEB.
Page 103 of 113
2021 2020 2019 2018
663,293$ 557,861$ 684,930$ 723,937$
372,430 385,797 387,918 326,072
- - - -
165,655 - 417,788 -
34,233 591,573 (2,363,827) (620,125)
(484,966) (449,043) (406,464) (373,760)
750,645 1,086,188 (1,279,655) 56,124
9,980,141 8,893,953 10,173,608 10,117,484
10,730,786$ 9,980,141$ 8,893,953$ 10,173,608$
9/30/2020 9/30/2019 9/30/2018 9/30/2017
2021 2020 2019 2018
484,966$ 449,043$ 406,464$ 373,760$
- - - -
(484,966) (449,043) (406,464) (373,760)
- - - -
- - - -
- - - -
-$ -$ -$ -$
10,730,786$ 9,980,141$ 8,893,953$ 10,173,608$
0.00% 0.00% 0.00% 0.00%
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT
SCHEDULE OF CHANGES IN THE DISTRICT'S NET PENSION LIABILITY AND
RELATED RATIOS (UNAUDITED) - FIREFIGHTERS' PENSION TRUST FUND
2024 2023 2022
TOTAL PENSION LIABILITY:
Net Change in Total Pension Liability 23,847,571$ 13,987,583$ 14,644,849$
Total Pension Liability - Beginning of Year 154,909,381 140,921,798 126,276,949
Total Pension Liability - End of Year 178,756,952$ 154,909,381$ 140,921,798$
2024 2023 2022
PLAN FIDUCIARY NET POSITION:
Net Change in Fiduciary Net Position 33,370,217$ 16,014,413$ (15,600,828)$
Fiduciary Net Position - Beginning of Year 128,911,267 112,896,854 128,497,682
Fiduciary Net Position - End of Year 162,281,484$ 128,911,267$ 112,896,854$
NET PENSION (ASSET) LIABIITY - ENDING 16,475,468$ 25,998,114$ 28,024,944$
PLAN FIDUCIARY ENDING NET POSITION AS A
PERCENTAGE OF TOTAL PENSION
LIABILITY 90.78% 83.22% 80.11%
COVERED EMPLOYEE PAYROLL 20,177,944$ 19,250,524$ 15,999,295$
NET PENSION LIABILITY AS A PERCENTAGE OF
COVERED EMPLOYEE PAYROLL 81.65% 135.05% 175.16%
This schedule is presented as required by accounting principles generally accepted in the United States of
America, however, until a full 10-year trend is completed, information is presented for those years available.
The accompanying independent auditor's report should be read with these supplemental schedules.
Page 104 of 113
2021 2020 2019 2018 2017 2016 2015
15,964,922$ 13,059,479$ 13,150,199$ 10,364,336$ 12,030,957$ 10,165,305$ 4,074,169$
110,312,027 97,252,548 84,102,349 73,738,012 61,707,055 51,541,750 47,467,581
126,276,949$ 110,312,027$ 97,252,548$ 84,102,348$ 73,738,012$ 61,707,055$ 51,541,750$
2021 2020 2019 2018 2017 2016 2015
26,671,007$ 12,933,225$ 7,964,763$ 10,180,873$ 12,234,865$ 6,978,753$ 2,344,624$
101,826,675 88,893,450 80,928,687 70,747,813 58,512,948 51,534,195 49,189,571
128,497,682$ 101,826,675$ 88,893,450$ 80,928,686$ 70,747,813$ 58,512,948$ 51,534,195$
(2,220,733)$ 8,485,352$ 8,359,098$ 3,173,662$ 2,990,199$ 3,194,107$ 7,555$
101.76% 92.31% 91.40% 96.23% 95.94% 94.82% 99.99%
15,825,800$ 14,829,151$ 14,434,146$ 13,739,853$ 13,771,976$ 11,890,295$ 9,671,942$
-14.03% 57.22% 57.91% 23.10% 21.71% 26.86% 0.08%
The accompanying independent auditor's report should be read with these supplemental schedules.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT
SCHEDULE OF DISTRICT CONTRIBUTIONS (UNAUDITED) -
FIREFIGHTERS' PENSION TRUST FUND
2024 2023 2022 2021
Contractually required contribution* 7,941,482$ 4,369,708$ 3,706,614$ 3,606,617$
Contributions in relation to the contractually
required contribution 7,941,482 4,369,708 3,706,614 3,606,617
Contribution deficiency (excess) -$ -$ -$ -$
District's covered-employee payroll 20,177,944$ 19,250,524$ 15,999,295$ 15,825,800$
Contributions as a percentage of covered-employee
payroll 39.36% 22.70% 23.17% 22.79%
GASB 68 requires information for 10 years. However, until a full 10-year trend is compiled,
governments should present information for only those years for which information is available.
Note: Measurement date was September 30 within the respective fiscal year.
*Employer only
Page 105 of 113
2020 2019 2018 2017 2016 2015
2,306,381$ 2,769,139$ 2,990,030$ 2,933,393$ 1,735,437$ 1,107,133$
2,306,381 2,769,139 2,990,030 2,933,393 1,735,437 1,107,133
-$ -$ -$ -$ -$ -$
14,829,151$ 14,434,146$ 13,739,853$ 13,771,976$ 11,890,295$ 9,671,942$
15.55% 19.18% 21.76% 21.30% 14.60% 11.45%
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 106 of 113
SCHEDULE OF INVESTMENT RETURNS - (UNAUDITED)
FIREFIGHTERS' PENSION TRUST FUND
Annual Money-
Weighted Rate
of return net of
Year Ended investment
September 30:expense
2024 18.17%
2023 9.07%
2022 (15.85%)
2021 20.28%
2020 9.40%
2019 3.58%
2018 8.82%
2018 13.28%
2016 7.21%
2015 (0.68%)
2014 9.31%
2013 12.79%
2012 15.23%
2011 (2.12%)
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 107 of 113
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION -
FIREFIGHTERS' PENSION TRUST FUND
September 30, 2024
Firefighters' Pension
Trust Fund
Valuation date 10/01/23
Actuarial cost method Entry Age Normal Actuarial Cost Method
Amortization method New UAAL - Amount over 15 years
Mortality table PUB 2010 - MP-2018 Combined Healthy
Remaining amortization period 15 years (as of 10/1/23)
Actuarial asset valuation method Fair Value Net of Investment Expense
Actuarial assumptions:
Investment rate 7.0% (net of fees)
Projected salary increase Service based
Inflation 2.5%
Post retirement cost of living
adjustment 3%
Measurement date September 30, 2024
Retirement age Age 55 and 6 years of service
(age 55 and 10 years of service if
hired after December 31, 2014) or
25 years of credited service regardless of age.
Changes of Assumptions
For the year ended September 30, 2024, the following changes to
assumptions:
Participant (employee) contribution changed from 7.48% to 7.0%.
ADDITIONAL REPORTS
HSC/Tuscan
& Company, PA
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
INTEGRITY ....... SERVICE ............. EXPERIENCE
1470 Royal Palm Square Blvd.• Fort Myers, FL 33919-1049
Phone: (239) 939-2233 • Fax: (239) 939-0554 • www.hsctuscan.com
Page 108 of 113
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF BASIC
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
Board of Commissioners
North Collier Fire Control and Rescue District
1885 Veterans Park Drive
Naples, Florida 34109-0492
We have audited, in accordance with auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States of America, the basic financial
statements of the governmental activities and each major and non-major fund of North Collier
Fire Control and Rescue District (the "District") as of and for the year ended September 30,
2024, and the related notes to the financial statements which collectively comprise the District's
basic financial statements as listed in the table of contents and have issued our report thereon
dated May 15, 2025. Other auditors audited the financial statements of the District's Firefighters'
Pension Trust Fund, as described in our report on the District's financial statements. This report
does not include the results of the other auditors' testing of internal control over financial reporting
or compliance and other matters that are reported on separately by those auditors.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the District's
internal control over financial reporting (internal control) as a basis for designing audit procedures
that are appropriate in the circumstances for the purpose of expressing our opinion on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the District's
internal control. Accordingly, we do not express an opinion on the effectiveness of the District's
internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or
Page 109 of 1 13
combination of deficiencies, in internal control such that there is a reasonable possibility that a
material misstatement of the basic financial statements will not be prevented or detected and
corrected on a timely basis. A significant deficiency is a def,rciency, or a combination of
deficiencies, in internal control that is less severe than a material weakness, yet important enough
to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph
of this section and was not designed to identifi, all deficiencies in internal control that might be
material weaknesses or significant deficiencies. Given these limitations, during our audit we did
not identiff any deficiencies in internal control that we consider to be material weaknesses, as
defined previously. However, material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether North Collier Fire Control and Rescue
District's financial statements are free from material misstatement, we performed tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements,
noncompliance with which could have a direct and material effect on the financial statements.
However, providing an opinion on compliance with those provisions was not an objective of our
audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no
instances of noncompliance that are required to be reported under Government Auditing
Standards.
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
District's internal control or on compliance. This report is an integral part of an audit performed in
accordance with Govemment Auditing Standards in considering the District's internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
t/s"/ /r*, 4 A*pq ,1,/.
HSC/TUSCAN & COMPANY, P.A.
Fort Myers, Florida
May 15,2025
Page 1 l0 of I l3
INDEPENDENT ACCOUNTANT'S REPORT ON COMPLIANCE
WITH SECTION 2I8.4I5, FLORIDA STATUTES
Board of Commissioners
North Collier Fire Control and Rescue District
1885 Veterans Park Drive
Naples, Florida 34109-0492
We have examined North Collier Fire Control and Rescue District's compliance with Section
218.415, Florida Statutes, regarding the investment of public funds during the year
ended September 30,2024. Management is responsible for North Collier Fire Control and
Rescue District's compliance with those requirements. Our responsibility is to express an opinion
on North Collier Fire Control and Rescue District's compliance based on our examination.
Our examination was conducted in accordance with attestation standards established by the
American Institute of Certified Public Accountants and, accordingly, included examining, on a test
basis, evidence about North Collier Fire Control and Rescue District's compliance with those
requirements and performing such other procedures as we considered necessary in the
circumstances. We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on North Collier Fire Control and Rescue
District's compliance with specified requirements.
In our opinion, North Collier Fire Control and Rescue District complied, in all material respects,
with the aforementioned requirements for the year ended September 30,2024.
This report is intended solely for the information and useof the North Collier Fire Control and
Rescue District and the Auditor General, State of Florida, and is not intended to be and should not
be used by anyone other than these specified parties.
ilso/ fr^r; t /*,pru,+/).
HSC/TUSCAN & COMPANY. P.A.
Fort Myers, Florida
May 15,2025
HSC/Tuscan
& Company, PA
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
INTEGRITY ....... SERVICE ............. EXPERIENCE
1470 Royal Palm Square Blvd.• Fort Myers, FL 33919-1049
Phone: (239) 939-2233 • Fax: (239) 939-0554 • www.hsctuscan.com
HSC/Tuscan
& Company, PA
CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS
INTEGRITY ....... SERVICE ............. EXPERIENCE
1470 Royal Palm Square Blvd.• Fort Myers, FL 33919-1049
Phone: (239) 939-2233 • Fax: (239) 939-0554 • www.hsctuscan.com
Page 111 of 113
Board of Commissioners
North Collier Fire Control and Rescue District
1885 Veterans Park Drive
Naples, Florida 34109-0492
We have audited the accompanying basic financial statements of North Collier Fire Control and
Rescue District (the "District") as of and for the year ended September 30, 2024, and have issued
our report thereon dated May 15, 2025.
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America; the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States of America and Chapter
10.550, Rules of the Florida Auditor General. We have issued our Independent Auditor's Report
on Internal Control over Financial Reporting and Compliance and Other Matters based on an
audit of the financial statements performed in accordance with Government Auditing Standards
and Chapter 10.550, Rules of the Florida Auditor General. Disclosures in those reports, which
are dated May 15, 2025, should be considered in conjunction with this report to management.
Additionally, our audit was conducted in accordance with Chapter 10.550, Rules of the Auditor
General, which governs the conduct of local governmental entity audits performed in the State of
Florida. This letter included the following information, which is not included in the aforementioned
auditor's report:
∙Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine
whether or not corrective actions have been taken to address findings and
recommendations made in the preceding annual financial audit report. The prior year
report contained no financially significant comments.
∙Section 10.554(1)(i)2., Rules of the Auditor General, requires that we address in the
management letter any recommendations to improve financial management. No such
recommendations were noted to improve financial management.
INDEPENDENT AUDITOR'S REPORT TO MANAGEMENT
Page 112 of 113
∙Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address
noncompliance with provisions of contracts or grant agreements, or abuse, that have an
effect on the financial statements that is less than material but more than inconsequential.
In connection with our audit, we did not have any such findings.
∙Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official
title and legal authority for the primary government and each component unit of the
reporting entity be disclosed in the management letter, unless disclosed in the notes to
the financial statements. The District discloses this information in the notes to the
financial statements.
∙Section 10.554(1)(i)5.a., Rules of the Auditor General, requires a statement be
included as to whether or not the local government entity has met one or more of the
conditions described in Section 218.503(1), Florida Statutes, and identification of the
specific condition(s) met. In connection with our audit, we determined that the District
did not meet any of the conditions described in Section 218.503(1), Florida Statutes.
∙Pursuant to Sections 10.554(1)(i)5.b. and 10.556(7), Rules of the Auditor General, we
have applied financial condition assessment procedures. It is management's
responsibility to monitor the District's financial condition, and our financial condition
assessment was based in part on representations made by management and the review
of financial information provided by same. In connection with our audit, we determined
that the District did not meet any of the criteria of a deteriorating financial condition
described in Auditor General Rule Section 10.554(1)(i)(5).a.
∙Pursuant to Section 10.554(1)(i)5b.2, Rules of the Auditor General, if a deteriorating
financial condition(s) is noted then a statement is so required along with the conditions
causing the auditor to make such a conclusion. No such conditions were noted.
∙Pursuant to Section 10.554(1)(i)5.c., Rules of the Auditor General, requires a
statement indicating a failure, if any, of a component unit Special District to provide
financial information necessary to a proper reporting of the component unit within the
audited financial statements of this District (F.S. Section 218.39(3)(b)). There are no
known component special districts required to report within these financial statements.
∙Pursuant to Section 10.554(1)(i)7, Rules of the Auditor General, requires disclosure of
certain unaudited data. See Exhibit 2.
Page 113 of113
Pursuant to Section 10.554(1Xi)8, Rules of the Auditor General, requires an
independent special district that imposes ad valorem taxes to disclose certain related
unaudited data. See Exhibit 2.
Pursuant to Section 10.554(1Xi)9, Rules of the Auditor General, requires an independent
special district that imposes a non-ad valorem special assessment to disclose certain
unaudited data. See Exhibit 2.
Section 10.556(10)(a), Rules of the Auditor General, requires that the scope of our
audit to determine the District's compliance with the provisions of Section 218.415,
Florida Statutes, regarding the investment of public funds. In connection with our audit,
we determined that the District complied with Section2l8.4l5, Florida Statutes as
reported in our Independent Accountant's Report on Compliance with Section
218.415, Florida Statutes dated May 15, 2025, included herein.
There were no financially significant prior year comments
There were no financially significant comments noted.
Pursuant to Chapter 1 19, Florida Statutes, this management letter is a public record and its
distribution is not limited. Auditing standards generally accepted in the United States of America
require us to indicate that this letter is intended solely for the information and use of the Board of
Commissioners, management, the Auditor General of the State of Florida and other federal and
state agencies. This report is not intended to be and should not be used by anyone other than
these specified parties.
tke//,u,A / /*/ru,)'/'
HSC/TUSCAN & COMPANY, P.A.
Fort Myers, Florida
May 15,2025
PRIOR YEAR COMMENTS:
CURRINT YEAR COMMENTS:
EXHIBIT 1
________________________________________________________________________________________________
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT
1885 Veterans Park Drive Naples, FL 34109 (239) 597-3222 northcollierfire.com
FIRE CHIEF ELOY RICARDO
BOARD OF FIRE COMMISSIONERS
M. James Burke Christopher L. Crossan James A. Calamari Norman E. Feder J. Christopher Lombardo
May 30, 2025
Auditor General’s Office
Local Government Audits/342
Claude Pepper Building, Room 401
111 West Madison Street
Tallahassee, FL 32399-1450
We are pleased to note that the audit report for the fiscal year 2023/2024 for the North Collier Fire
Control and Rescue District reflected no current or prior year comments which require
management’s response.
The Board of Fire Commissioners and management staff of the North Collier Fire Control &
Rescue District maintain their commitment to create and maintain internal controls, and policy and
procedures to insure accurate reporting, accountability and provide for the financial stability of the
District.
Sincerely,
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT
EXHIBIT 2
Page 1
Auditor General Rule 10.554(1)(i)6
For a dependent special district or an independent special district, or a local
government entity that includes the information of a dependent special district as
provided in Section 218.39(3)(a), Florida Statutes, the following specific information
provided by management (with explanatory verbiage that the auditor provides no
assurance on the information):
a. The total number of district employees compensated in the last pay period of the
district’s fiscal year being reported (see information required in Section
218.32(1)(e)2.a., Florida Statutes). 283 including 5 Board of
Commissioners members
b. The total number of independent contractors to whom nonemployee
compensation was paid in the last month of the district’s fiscal year being
reported (see information required in Section 218.32(1)(e)2.b., Florida
Statutes). 16
c. All compensation earned by or awarded to employees, whether paid or accrued,
regardless of contingency (see information required in Section 218.32(1)(e)2.c.,
Florida Statutes). (Total wage compensation for the fiscal year being audited)
$27,918,620
d. All compensation earned by or awarded to nonemployee independent
contractors, whether paid or accrued, regardless of contingency (see information
required in Section 218.32(1)(e)2.d., Florida Statutes). (Amounts paid that
would be reported on a Form 1099 for FYE)
$1,321,074
e. Each construction project with a total cost of at least $65,000 approved by the
district that was scheduled to begin on or after October 1 of the fiscal year being
reported, together with the total expenditures for such project (see information
required in Section 218.32(1)(e)2.e., Florida Statutes). None
f. A budget variance report based on the budget adopted under section
189.016(4), Florida Statutes, before the beginning of the fiscal year reported if
the district amends a final adopted budget under Section 189.016(6), Florida
Statutes (see information required in Section 218.32(1)(e)3., Florida Statutes).
If there were amendments then include budget variance (original budget vs.
actual at FYE). See attached page 3 -6.
EXHIBIT 2
UNAUDITED
COMPLIANCE WITH REPORTING REQUIRED BY:
Page 2
Auditor General Rule 10.554(1)(i)7
For an independent special district that imposes ad valorem taxes, the following
specific information provided by management (with explanatory verbiage that the
auditor provides no assurance on the information): (see information required in
Section 218.32(1)(e)4., Florida Statutes).
a. The millage rate or rates imposed by the district.
North Naples Service Delivery Area: 1.000
Big Corkscrew Island Service Delivery Area: 3.750
b. The current year gross amount of ad valorem taxes collected by or on behalf of
the district. 59,315,452$
c. The total amount of outstanding bonds issued by the district and terms of such
bonds. N/A
Auditor General Rule 10.554(1)(i)8
For an independent special district that imposes non-ad valorem special assessments,
the following specific information provided by management (with explanatory
verbiage that the auditor provides no assurance on the information): (see information
required in Section 218.32(1)(e)5., Florida Statutes).
a. The rate or rated of such assessment imposed by the district.
N/A
b. The total amount of special assessments collected by or on behalf of the district.
N/A
c. The total amount of outstanding bonds issued by the district and the terms of
such bonds. N/A
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 3
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND -
SUMMARY STATEMENT - NORTH NAPLES SDA
Year Ended September 30, 2024
General Fund
Variance
Original Favorable
Budget Actual (Unfavorable)
REVENUES
Ad Valorem taxes 45,737,562$ 46,604,223$ 866,661$
Intergovernmental revenue:
State firefighter supplement 73,920 111,376 37,456
Federal grants 28,040 198,197 170,157
Other Intergovernmental 29,520 44,439 14,919
Charges for services 651,200 820,571 169,371
Miscellaneous:
Interest 516,000 1,473,473 957,473
Other 176,511 253,927 77,416
Subtotal - revenues 47,212,753 49,506,206 2,293,453
Cash brought forward 21,307,147 - (21,307,147)
TOTAL REVENUES 68,519,900 49,506,206 (19,013,694)
EXPENDITURES
Current
Public safety
Personnel services 36,186,714 34,482,383 1,704,331
Operating expenditures 8,959,034 8,162,907 796,127
Capital outlay 1,491,578 3,815,474 (2,323,896)
Debt service:-
Principal reduction 683,434 681,124 2,310
Interest and fiscal charges 79,111 79,111 -
Reserves 21,156,029 - 21,156,029
TOTAL EXPENDITURES 68,555,900 47,220,999 21,334,901
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES (36,000) 2,285,207 2,321,207
OTHER FINANCING SOURCES AND (USES)
Proceeds from financing lease - - -
Proceeds from disposition of capital assets 36,000 1,721,150 1,685,150
Transfer in - - -
Transfer out - - -
TOTAL OTHER FINANCING SOURCES
AND (USES) 36,000 1,721,150 1,685,150
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER
FINANCING USES -$ 4,006,357 4,006,357$
FUND BALANCE - Beginning 21,917,410
FUND BALANCE - Ending 25,923,767$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 4
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL - GENERAL FUND -
SUMMARY STATEMENT - BIG CORKSCREW ISLAND SDA
Year Ended September 30, 2024
General Fund
Variance
Original Favorable
Budget Actual (Unfavorable)
REVENUES
Ad Valorem taxes 12,405,207$ 12,711,229$ 306,022$
Intergovernmental revenue:
State firefighter supplement 22,080 - (22,080)
Federal grants - - -
Other intergovernmental - - -
Charges for services - - -
Miscellaneous:
Interest 254,000 851,238 597,238
Other 27,643 24,883 (2,760)
Subtotal - revenues 12,708,930 13,587,350 878,420
Cash brought forward 5,586,951 - (5,586,951)
TOTAL REVENUES 18,295,881 13,587,350 (4,708,531)
EXPENDITURES
Current
Public safety
Personnel services 10,809,017 10,299,933 509,084
Operating expenditures 2,638,192 2,399,140 239,052
Capital outlay 445,536 670,860 (225,324)
Debt service:-
Principal reduction 204,143 203,453 690
Interest and fiscal charges 23,630 23,630 -
Reserves 4,175,363 - 4,175,363
TOTAL EXPENDITURES 18,295,881 13,597,016 4,698,865
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES - (9,666) (9,666)
OTHER FINANCING SOURCES AND USES
Proceeds from financing lease - - -
Proceeds from disposition of capital assets - - -
Transfer in / (out) - - -
TOTAL OTHER FINANCING SOURCES
AND USES - - -
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER
FINANCING USES -$ (9,666) (9,666)$
FUND BALANCE - Beginning 5,992,287
FUND BALANCE - Ending 5,982,621$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 5
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - COMBINED SERVICE DELIVERY AREAS -
BUDGET AND ACTUAL - IMPACT FEE FUND - SUMMARY STATEMENT
Year Ended September 30, 2024
Impact Fee Fund
Variance
Original Favorable
Budget Actual (Unfavorable)
REVENUES
Fees:
Impact fees 509,000$ -$ (509,000)$
Impact Fees - Collected / Deferred 91,000 - (91,000)
Miscellaneous:
Interest 5,000 17,268 12,268
Transfer from General Fund - - -
Other - - -
Subtotal - revenues 605,000 17,268 (587,732)
Cash brought forward 7,346,724 - (7,346,724)
TOTAL REVENUES 7,951,724 17,268 (7,934,456)
EXPENDITURES
Current
Public safety
Operating expenditures 14,000 17,268 (3,268)
Capital outlay 500,000 - 500,000
Debt service:
Principal - - -
Interest and fiscal charges - - -
Reserves 7,437,724 - 7,437,724
TOTAL EXPENDITURES 7,951,724 17,268 7,934,456
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES - - -
OTHER FINANCING SOURCES AND (USES)
Transfers in (out) - - -
TOTAL OTHER FINANCING SOURCES
AND (USES) - - -
EXCESS OF REVENUES AND OTHER
FINANCING SOURCES OVER (UNDER)
EXPENDITURES AND OTHER
FINANCING USES -$ - -$
FUND BALANCE - Beginning -
FUND BALANCE - Ending -$
The accompanying notes are an integral part of this statement.
NORTH COLLIER FIRE CONTROL AND RESCUE DISTRICT Page 6
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCE - BUDGET AND ACTUAL -COMBINED SERVICE DELIVERY AREA -
INSPECTION FEE FUND - SUMMARY STATEMENT
Year Ended September 30, 2024
Inspection Fee Fund
Variance
Original Favorable
Budget Actual (Unfavorable)
REVENUES
Charges for services
Inspection fees 1,000,000$ 1,430,027$ 430,027$
Plan review fees 1,000,000 1,460,005 460,005
Miscellaneous:
Interest 4,000 7,153 3,153
Other - - -
Subtotal - revenues 2,004,000 2,897,185 893,185
Cash brought forward 343,188 - (343,188)
TOTAL REVENUES 2,347,188 2,897,185 549,997
EXPENDITURES
Current
Public safety
Personnel services 1,828,949 1,937,487 (108,538)
Operating expenditures 197,600 114,363 83,237
Capital outlay - - -
Reserves 320,639 - 320,639
TOTAL EXPENDITURES 2,347,188 2,051,850 295,338
EXCESS OF REVENUES
OVER (UNDER) EXPENDITURES -$ 845,335 845,335$
FUND BALANCE - Beginning 1,091,261
FUND BALANCE - Ending 1,936,596$
The accompanying notes are an integral part of this statement.